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Market Analysis – May 30
EURCHF is presently embarking on a robust downward trajectory. Notably, there has been substantial price volatility in both directions throughout February and March before establishing the prevailing downtrend. The market exhibited volatile displacements in price, experiencing fluctuations in upward and downward directions before the bearish sentiment took hold. Currently, EURCHF is on a precipitous descent toward the demand level of 0.9640.
EURCHF Key Levels
Demand Levels: 0.9640, 0.9500, 0.9000
Supply Levels: 0.9770, 0.9890, 1.0050
EURCHF Long-term Trend: Bearish
The EURCHF market continues to exhibit a persistent bearish sentiment as sellers firmly assert their dominance. Initially, there was a brief respite in the downward pressure when the bearish order block was breached during a swing in March, creating a momentary bullish outlook. However, this optimistic sentiment was short-lived, as the market quickly succumbed to the formation of a double-top pattern. The subsequent breach of the neckline of this pattern served as a decisive trigger, resulting in an unimpeded descent in price.
Following the test of the 0.9770 demand level, a retracement occurred in April, providing traders with selling opportunities as the market continued its downward trajectory. The Moving Averages (periods 50 and 100) are hovering above the daily candles to signify a bearish trend.
EURCHF Short-term Trend: Bearish
The market structure is clearly defined and characterized by a sequence of lower highs and lows. A notable development is the breach of the 0.9770 demand level, which further reinforces the bearish sentiment. Presently, the price action is being guided by a bearish wedge pattern, which acts as a channel directing the market toward the 0.9640 level. This pattern signifies the prevailing downward momentum and serves as a potential area of support or resistance as the market unfolds.
Overall, the EURCHF market is firmly entrenched in a bearish trend, with sellers exerting control and driving the price toward lower levels.
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