EURCHF Finds Respite at 1.05470 as It Slides Down a Channel

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EURCHF Price Analysis – November 3

EURCHF finds respite at the weekly support level of 1.05470. This is the second level at which the market finds respite since drilling through the critical price level at 1.07010. The first point where the market had a temporary stop was above the 1.06580 significant level. EURCHF touched down on it on the 21st of October. At that level, the market was made to pull back for a retest below 1.07010 before the market’s fall continued.


EURCHF Key Zones

Resistance Zones: 1.09320, 1.07390, 1.07010
Support Zones: 1.06580, 1.05470, 1.05040

EURCHF finds respiteEURCHF Long Term Trend: Ranging

A bearish market came into full force when the price finds solid resistance at 1.09320. There was an immediate drop in the market, but the market finds respite at the 1.08360 significant zone. The price remains in this zone for the next seven trading days as bearish pressure mounts against it. By the 30th of September, EURCHF fell under the weight of pressure and began cranking downward through a descending channel.

As the market slides downward, it first finds respite above 1.06580, where it pulls back and keeps falling. There is now a temporary stop having reached 1.05470, where the market retraces to 1.05890. EURCHF is falling once again having displayed a strong bearish candle, but it remains to see if the 1.05470 support will yield easily. Bearish momentum, on the other hand, remains extremely strong, with both the EFI (Elders Force Index) and the RSI (Relative Strength Index) signal lines plummeting precipitously.

EURCHF finds respite EURCHF Short Term Trend: Ranging

The 4-hour chart shows that the market has had a spell below the middle line of the descending channel before climbing above it. Price even tried to break out of the upper border on the 20th of October but dropped due to the intensity of bearish pressure. The market has now dropped below the middle line again. But even so, the EFI’s power line has risen to just below the zero level. This shows that some underlying bullish movement has begun. The RSI line has also moved out of the oversold region and is now facing upward.

Respite at the 1.05470 price level could lead to market consolidation, which would allow the bulls to step into the market for a reversal.

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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.