Market Analysis- May 24
EURCHF is currently on a strong downward trend. Volatile displacement in the price was observed in February and March in both directions of the market before the downward trend was established. The price is currently on a free fall towards the 0.9640 demand level.
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 dip as the sellers have seized control of the market. The violation of the bearish order block on the bearish swing in March made the market appear bullish.
The bullish outlook was short-lived with the formation of the double-top pattern. The break in the neckline of the double-top pattern fostered an unhindered dive in price. A retest of the neckline followed after the demand level of 0.9770 was tested. The pullback in April provided shorting opportunities for sellers.
EURCHF Short-term Trend: Bearish
The market structure is simple and well-defined, with lower highs and lows. The demand level of 0.9770 has been broken. The bearish wedge is guiding the price action towards 0.9640.
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