Market Analysis – July 18
The EURCHF price is reacting to the supply zone at 0.9710. Though the upward trend has been very strong, a double-top pattern has formed upon reaching this zone, indicating a potential resistance level.
EURCHF Key Levels
- Demand Levels: 0.9600, 0.9530, 0.9320
- Supply Levels: 0.9770, 0.9880, 1.0000
EURCHF Long-Term Trend: Bullish
The Stochastic indicator reveals that the EURCHF price is overbought upon reaching the resistance zone of 0.9770. At the same time, the declining bullish momentum is evident in the continuous reduction of the MACD histogram bars.
While the formation of a double top is a strong indicator of a potential reversal, it is crucial to monitor for a break of structure or even a double break of structure to generate more accurate forex signals.
EURCHF Short-Term Trend: Bearish
EURCHF Short-Term Trend: BearishOn the 4-hour timeframe, a bearish breakout has been established. The price has drilled below the ascending trendline on this chart. Aggressive traders may consider taking advantage of the oversold price on the 4-hour chart. At this juncture, analysts would watch out for a pullback to the bearish order block on the lower time frame. This is due to the oversold condition, hence presenting a potential shorting opportunity.
In summary, while the long-term trend for EURCHF remains bullish, the short-term trend has turned bearish. It is important to wait for an alignment of trends in the higher and lower timeframes to establish the best forex signals.
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