Market Analysis – March 14
EURCHF market ascended with the aid of a bullish trendline until 1.0090 was reached. The market has turned bearish after the break of the bullish trendline.
EURCHF Key Levels
Demand Levels: 0.9820, 0.9770, 0.9720
Supply Levels: 1.0000, 1.0060, 1.0090
EURCHF Long-Term Trend: Bearish
EURCHF ascended from a bullish order block at the demand level of 0.9720. The daily candles pushed beyond the Lower Bollinger Bands to reveal the market was oversold. This correlated perfectly with the Stochastic Indicator which revealed the market was
oversold. A rapid takeoff was noticed afterward. The candles bounced on the ascending trendline in January after a short-term consolidation.
After striking the oversold level of 1.0090, the selloff by the whales caused the price to decline rapidly in January. The second strike of the trendline caused the break in February. The market ascended to 1.0000 for a retest of the ascending trendline. The Stochastic showed the market was overbought as the resistance Bollinger Band prevented further rises.
EURCHF Short-Term Trend: Bearish
The market is in a downward spiral. Since the retest of the ascending trendline, the market has continued to dip. The market is currently diving to the support level of 0.9770.
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