EURCHF Breaks Below Second Critical Support as Price Continues Falling

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EURCHF Price Analysis – November 17

EURCHF breaks below the second critical support level as bears keep pushing the price downward. 1.05400 is the critical support level that is used by the bulls to attempt to halt market bearishness. Price dropped to the level on the first day of November and EURCHF began consolidating as the bulls and bears agitated to own the market. This continued for the next 10 trading days before the market breaks below the level.

EURCHF Key Zone

Resistance Levels: 1.05400, 1.06580, 1.09320
Support Levels: 1.05040, 1.04750, 1.04450

EURCHF Long Term Trend: Bearish

The market has embarked on a downslide since price failed to maintain a hold above the critical level of 1.08360. The market dropped freely to reach 1.07010 on the 6th of October. This price level is the first critical zone that bulls use to test the resolve of the sellers, who eventually display resoluteness as price breaks below the level. From there, there was another precipitous drop in the market.

The drop in the market brought it down to the second critical level of 1.05400, and a similar thing happened as the price accumulated above the level. On the 15th of November, EURCHF breaks below again to continue a strong bearish trend. The EFI (Elders Force Index) illustrates how bears have dominated the market since the 29th of September when price failed to hold above 1.08360. Its power line has remained at a negative value ever since.

EURCHF Short Term Trend: Bearish

An accumulation took place above the 1.05400 critical zone. Having broken below the level, price has pulled back to retest the level before the market plunges further. The MACD (Moving Average Convergence Divergence) is highlighting the subtle upward pullback in the market and there has been a cross upward by the lines. However, price is expected to keep falling, with the 1.04450 joining the league.

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