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Market Analysis – October 27
EURCHF bullish trend reverses as the price encounters resistance at the 1.00000 level. Subsequently, the price made a series of lower lows, breaking through the demand level at 0.95250.
EURCHF Key Levels
Demand Levels: 0.95250, 0.94100, 0.93000
Supply Levels: 0.97000, 0.98350, 1.00000
EURCHF Long-Term Trend: Bearish
The price level of 0.94100 has provided support for a bullish trend. The test of the support level fostered a bullish shift in market structure in September. However, the bullish price action came to an end when it reached the supply level of 1.00000.
The resistance at the 1.00000 level has resulted in a shift to establish a downward trend. This has led to the creation of lower lows and a bearish momentum in the price.
The bearish momentum has now breached the demand level at 0.95250 and is aiming for the next level at 0.94100. However, a pullback is expected as indicated by the Relative Strength Index (RSI), which shows that the price is currently in the oversold region at 30.0.
EURCHF Short-Term Trend: Bullish
Despite the bearish nature of the overall price action, there is a potential for a pullback indicated by the RSI on the Daily timeframe. This is evident from the price action above 0.94100 towards the bullish direction, with expectations of reaching the order block at 0.97000.
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