EURCHF Buy Traders Are Opposed Despite Bullish Indications

Updated:

EURCHF Analysis – May 31

EURCHF buy traders are opposed despite bullish indication to the 1.04880 key zone. The opening of Kiwi suggests the presence of sellers attempting to fill in price gaps as quickly as possible. There has persistently been selling involvement in the significant zone located at 1.02290. Since the price fell from the key zone at 1.04480, sell-traders have been obstructing the upward movement of the bulls. When the selling competition is over, it will be easier for buyers to place more orders, and the price is expected to rise to 1.04880.


EURCHF Significant Zones


Resistance Zones: 1.06270, 1.04880
Support Zones: 1.02290, 1.00780

Eurchf Buy Traders Are Opposed Despite Bullish IndicationsEURCHF Long Term Trend: Bullish

Since 2021, there has been an abundance of EURCHF sellers. The bearish moment has successfully taken control of the price structure. Since 2021, there has been a general downward movement in the Kiwi. The price of EURCHF continues to fall due to sellers’ actions. As the price moved lower, passing through the critical level of 1.06720, there was an increased likelihood of bullish price expansion. The price eventually dropped to a level below the support level of 1.00780.

The buyers initiated purchase orders above the critical level of 1.00780 and continued through the significant zone of 1.04880. The bull market is on the verge of making an upward push, despite price competition from sellers. On the daily chart of EURCHF, the money flow index continues to point to a price order in a bullish phase. Because of this, the price is likely to go up, and it could reach the key level of 1.04880 despite the resistance from the bears.

Eurchf Buy Traders Are Opposed Despite Bullish IndicationsEURCHF Short Term Trend: Bullish

Despite sellers’ opposition, the market is expected to swing up on the 4hr chart. The price is set to fill the void left by sellers in the EURCHF market. Therefore, traders should expect bullish momentum to return to the key level of 1.04880.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.