EURCHF Analysis – August 16
EURCHF is bordering on an historically low profile level at the 0.96140 critical support level. The buyers have thus far failed to curtail the drop in price and the market has fallen to its lowest level ever. There is a little bit of renaissance which lifts the price just above the immediate resistance level at 0.96580. At this point, it is a make or break for the market investors. A failure to hold above this level will lead to more market falls.
EURCHF Significant Levels
Resistance Levels: 0.99760, 1.04950
Support Levels: 0.96580, 0.96140
EURCHF Long-Term Trend: Ranging
The market sellers have always been aggressive, coming in from last year. However, at the beginning of 2022, the bulls began interrupting the downward flow with the intent to distract the bears and gradually gain more influence. This approach worked, but only till mid-June. The 1.04950 supply level kept a check on the price level, and the bulls failed woefully at that point.
As a result, the market dipped strongly, falling through several key levels despite the efforts of the bulls (which can be seen in little pullbacks as the price drops). Eventually, EURCHF falls to a record low point beyond the 0.96140 key level. Buyers have facilitated a pullback and the market is now bordering the 0.96580 price level. The pressure remains on the market as the Stochastic lies in oversold territory.
EURCHF Short Term Trend: Ranging
The 4-hour chart shows a strong bullish reaction from the 0.96140 support level. If the buyers sustain their strength, they could push the market into a sideways movement, at least to gain more strength. A failure to do this will mean the market will plunge to entirely new depths that the market hasn’t gotten to before. Meanwhile, the Stochastic Oscillator lines on the 4-hour are rising out of oversold and the price is now trading above the MA period 20. 0.99760 is the target level.
You can purchase Lucky Block here. Buy LBLOCK
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.