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Market Analysis- July 12
EURCHF bears are leading the market to a significant demand zone. The downtrend motive wave began its first impulse on April 25, 2018. Currently, the market appears to be following the Elliot Wave theory, with prices moving in fractals.
EURCHF Significant Levels
Resistance levels: 1.0520, 1.0220
Support levels: 0.9780, 0.9650
EURCHF Long-Term Trend: Bullish
On the daily timeframe, wave A appears to be the longest of all the waves. Wave B began due to market reaction towards the previous support level at 1.0520. On March 4, 2021, the correction wave B ended its course as the bears took over and continued sinking the market towards a demand zone, causing price to break across the support into an oversold region as indicated by the Relative Strength Index (RSI). The market’s reaction toward the high of the daily candlestick on March 4, 2022, marked the beginning of the third wave.
The third wave, wave C, broke across the previous support level and turned it into a significant resistance level by retesting it more than once. In the fourth wave, the bulls struggled to keep the price soaring high till the resistance level was approached. The bears took over from there and drove the market down rapidly, leaving a trace of an order block along the way. The fifth wave, which is expected to be the last wave for the bears, can be seen breaking across the previous low as it drops towards the major demand zone.
EURCHF Short-term trend: Bearish
On the four-hour timeframe, the market trend appears to be a downtrend, as confirmed by the break-in structure on June 16, 2022. The market has been sinking downward and breaking every support along its way since June 9, 2022. Apparently, the market has been correcting itself in every oversold region, as indicated by the relative strength index (RSI). Until the demand zone at 0.9780 is reached, the market outlook remains bearish. The order block that appeared in the fifth wave was formed due to an imbalance in the market from the higher timeframe down to the lower timeframe. Should the demand zone at 0.9780 trigger the corrective wave A, the order block is expected to act as a breaker during the correction phase.
How To Buy Lucky Block
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