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EURCHF Price Analysis – August 6
EURCHF bearish campaign has progressed after bulls failed to hold above the 1.08250 key level. The market has been in a downtrend for months since the 4th of March 2021. The bearish campaign can be described as slow and steady as price has been moving down in an undulating manner. The market also weathered many obstacles it had met on its way downward. Notably is the 1.08700 support level.
EURCHF Key Levels
Resistance Levels: 1.07400, 1.08700, 1.10300
Support Levels: 1.06700, 1.06000, 1.05120
EURCHF Long Term Trend: Bearish
The 1.08700 key level has previously been responsible for keeping the market in consolidation from late last year into the early months of this year. When EURCHF broke above it, it was the surge upwards that triggered the bearish campaign. It was thought that the level would prevent bears from falling further, but the bears only bounced up from it the first time and pierced through it the second time.
EURCHF broke through 1.08700 and slid down further below it. The market is now facing 1.07400, which was the support that kept the market in consolidation with 1.08700 at the beginning of the year. The 1.07400 support is a stronger zone than previous ones as its range extends to 1.06700. This key level is now testing the bears’ resolve. Price has bounced off it once on the 6th of August, and like with previous resistance levels, the market has fallen back to confront it.
EURCHF Short Term Trend: Bearish
It can be noticed that bears also increased their momentum before falling to 1.07400. This made the price push out of the descending channel. After bouncing off the support zone, it was the middle line of the channel that knocked the price down again. The MACD (Moving Average Convergence Divergence) is showing only strong bearish histogram bars at the moment. This is in conjunction with the MA period 14 (Moving Average) moving above the 4-hours candle.
These are all indications that bears are not letting up. They have met the strong support with increased momentum. The market is looking very able to drill through the support zone to reach 1.06000.
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