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Market Analysis – April 11
EURCHF has demonstrated notable resilience as it encounters a significant resistance zone at 0.9840. This marks a pivotal juncture in its recent bullish trajectory. The pair embarked on an upward trajectory following a decisive bullish reversal earlier in the year. The reversal played out with a double-bottom pattern heralding a pronounced shift in market sentiment.
EURCHF Key Levels
EURCHF Key LevelsDemand Levels: 0.9700, 0.9600, 0.9500
Supply Levels: 0.9840, 1.000, 1.1000
EURCHF Long Term Trend: Bullish
The bullish structural shift in January provided the impetus for the prevailing uptrend, characterized by a steadfast adherence to a steeply inclined bullish trend line. However, discerning technical indicators suggest a potential inflection point at the current resistance zone. The Relative Strength Index (RSI) on the daily chart reflects an overbought condition, signaling a potential exhaustion among buyers as the price confronts resistance.
Consequently, a retracement is anticipated, albeit within the broader context of the bullish trend. This corrective phase is projected to find support at the 0.9700 level, coinciding with the Moving Average, reinforcing the resilience of the prevailing bullish bias.
EURCHF Short-Term Trend: Bearish
EURCHF Short-Term Trend: BearishWhile the daily chart reflects a retracement within the overarching bullish trend, a closer examination of the 4-hour chart reveals indications of a potential trend reversal. The breach below the bullish trendline on the shorter timeframe underscores this divergence, hinting at a shift in momentum.
As such, while a temporary pullback is anticipated in the immediate term, the broader bullish trajectory remains intact. It is imperative to juxtapose the short-term fluctuations against the backdrop of the higher timeframe to safely deliver the best forex signals.
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