Bulls Overturn the Market at Critical Support; EURCHF Set for Direction Change?

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EURCHF Price Analysis – August 10

Bulls overturn the market when it seems as though sellers will dig deeper. The price began a decline on the 4th of March 2021, though still on an uptrend line. The fall of the market was confirmed when it drilled through the uptrend line to go lower on the 8th of July 2021. Bulls have now employed the services of the 1.07200 – 1.06780 support zone to repel the fall in the market, but is the bearish cycle truly over?

EURCHF Key Levels

Resistance Levels: 1.11550, 1.09970, 1.08480
Support Levels: 1.07200, 1.06780, 1.06040

EURCHF Long Term Trend: Ranging

The critical support zone between 1.07200 and 1.06780 has accomplished the same task of preventing further market decline previously. This occurred from the 13th of October until the 9th of November last year. This was the foundation on which the market eventually ascended to its 2-year high at 1.11550. This is the consideration with which we also believe that the zone will effect a change in the direction of price.

However, the 1.08480 resistance is the test to see if bears are well and truly beaten or if they are lurking in the shadows. Once EURCHF successfully subdues 1.08480, then it has to find a way to go above the uptrend line. The Relative Strength Index indicator shows that the market is currently at equilibrium. Whatever happens at the 1.08480 resistance will determine whether the bears will retain power over the market.

EURCHF Short Term Trend: Bullish

In the short term, however, EURCHF is still infused with bullish vigor. We can expect the market to test the 1.08480 resistance and try to climb the uptrend line. The MACD (Moving Average Convergence Divergence) is currently displaying dwindling histogram bars. This means the strength behind the bullish push is depleting despite the upward movement of the 4-hour candles. This is likely a retracement before the bulls overturn the market and shoot further up.

EURCHF is likely to keep moving up till 1.08480. Its success here will push it further to the uptrend line for further action.

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