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Market Analysis – February 8th
EURCHF buyers gain dominance. The currency pair has recently witnessed a refocus of strength as buyers gain dominance. The bulls have been steadily building up their strength since the start of this month. This indicates a significant shift in market dynamics. The Euro market has shown signs of growing stronger, particularly after shifting its focus to the significant level of 0.93000.
EURCHF Key Levels
Resistance Levels: 0.97000, 0.98610
Support Levels: 0.93490,0.92270
EURCHF Long-term Trend: Bearish
EURCHFOver the previous week, the EURCHF market experienced a decline. However, since the beginning of the year, the currency pair has been in a swing phase. The market has been characterized by alternating periods of dominance between the bulls and the bears. Initially, the bulls took control and pushed the price to a new lower high at the key zone of 0.94860. However, around the middle of January, the bears managed to drive the price lower, reaching a significant level of 0.93490.
Currently, the bulls are displaying signs of strength and revival. The recent rise above the 0.93490 market level suggests that the upward surge could continue. However, traders must exercise caution and find the perfect entry point to maximize profits. To assist in this endeavour, traders can leverage the power of the best forex signal telegram channel. This will provide valuable insights and help identify optimal entry points for trades.
EURCHF Short-Term Trend: Bullish
The market is gradually building in favour of the buyers as their dominance becomes more evident. The Stochastic Oscillator used to identify overbought and oversold conditions remains bullish. This indicates that buyers still have room to push the price higher before sellers can make a comeback.
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