EURCHF Eyes Upward Correction Amidst Persistent Bearish Trend

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 EURCHF Analysis – January 10

EURCHF eyes upward correction amidst the persistent bearish trend. The market’s current trading range lies between the swing high of 0.95450 and the swing low of 0.92440. EURCHF may undergo a significant upward correction before it hits the bearish order block.

EURCHF Key Levels

Demand Zones: 0.9410, 0.9300
Supply Zones: 0.9690, 0.9840

EURCHF Long-Term Trend: Bearish

 At the moment, the market is trending downward. At the 0.9840 supply zone, EURCHF experienced a severe collapse. Before a big correction took place, a major low was established at 0.95150. The bears took control of the market as EURCHF bounced off the resistance level of 0.9690, leading to a BOS (Break Of Structure) at a significant low of 0.95150. The crash persisted until 0.94170 when a new major low emerged. Another significant correction to the upside was sparked by the development of the major low.

The market was dominated by bulls for a month until the Stochastic Oscillator indicated that the market was overbought. After a distribution period, there was yet another Break Of Structure as a result of the price’s sharp decline. BOS then affirmed that the bears are in complete control of the market. Based on the Stochastic Oscillator, it appears that the market is oversold. There will be a significant upward correction. Until the bearish order block in the premium is met, the price is probably going to rise in fractals.

EURCHF Short-Term Trend: Bullish

 On the four-hour chart, the market is in a consolidation phase. The consolidation phase began after the crash at 0.9410. The price is expected to skyrocket to the upside as the consolidation phase ends in the discount zone.

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