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EURCHF Price Analysis – August 31
EURCHF is approaching a critical zone and it is expected to reverse its direction. The market appears to be ranging between the 1.08410 resistance key level and the 1.07150 support key level. The bulls and bears continue to battle for dominance as price approaches this level, producing a double bottom chart pattern. EURCHF is set to reverse direction as the market approaches the 1.08410 resistance key level.
EURCHF Significant Zones
Resistance Levels: 1.08410, 1.0800
Support Levels: 1.07410, 1.07150
EURCHF Long Term Trend: Bearish
EURCHF Long Term Trend: BearishThe market first broke down in a bearish direction around the major resistance level of 1.08410. As the market begins to retest this key level of 1.08410, there appears to be a pullback. Price subsequently rebounded lower, reversing at the key level of 1.07150. As it approaches the 1.08410 resistance key level, EURCHF breaks through many significant levels. The Bulls continue to drive the price higher, and a reversal is unavoidable.
The MACD (Moving Average Convergence and Divergence) indicator reveals that EURCHF is continuing to approach the key level of 1.08410. This suggests that the price will continue to rise before resuming its downward trend. The MACD also shows an increase in the green histogram, indicating the market’s bullish momentum. The stochastic Oscillator, on the other hand, shows the moving average approaching the 80.00 mark. This means that the price will change direction when it approaches the overbought area.
EURCHF Short Term Trend: Bearish
EURCHF Short Term Trend: BearishThere was a retest at the 1.07150 key level on the 4hr chart. When the price broke through 1.07410, there was a significant pullback before the rally. This is due to the conflict between buyers and sellers in that zone.
EURCHF is now retesting 1.0800 before nearing the key milestone of 1.08410. Multiple crosses are produced by the MACD when it is above the 0.00 level. This suggests that the bullish market is coming to an end. The Stochastic Oscillator is also above 80.00, indicating an imminent reduction in bullish momentum as the market prepares to reverse.
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