EURCHF Is Bracing for More Selling Pressure

EURCHF Analysis – April 26

EURCHF is bracing for more selling pressure in the market. The bears are now heavily dominating the price to follow the bearish moments in the EURCHF market. Furthermore, the value of the EURCHF price is also being driven to decrease as the selling pressure continues to develop in the market. On the other hand, the buyers had lost their dominance in the market. Their arrival at the 1.03720 significant market-level gave rise to a reversal. Therefore, the price expectation is that the bears will continue to dominate the market’s influence for a while.

EURCHF Significant Zones

Resistance Zones: 1.05980, 1.03720
Support Zones: 1.02030, 0.99800

EURCHF Long Term Trend: Bearish

The sellers organized a downward trend after a bearish slide from the trend channel. Due to a lengthy swing in the trending channel, the price was expelled downward in the market. This, however, gave more strength to the bearish demand in the market. EURCHF mobilized following a retest at the significant level of the market. The bears strength continues to dominate, putting less pressure on the buyers in the market. When the sellers mobilized the price trend down to the 0.99800 significant level, the buyers pulled the price level back to the 1.03720 significant level of the market.

The daily chart momentarily shows the price displacement sliding following a retest at the 1.03720 level. However, the price level is anticipated to go back down to the 0.99800 critical level as the tension in the market increases. The candlestick is currently rebounding from the upper and lower limits of the Bollinger Band indicator on the daily chart.

EURCHF Short Term Trend: Bearish

On the 4-hour chart, the price action is preparing for an impact in the market. The Price Oscillator indicator shows a signal entering the negative region as the bearish trend progresses to the 0.99800 significant level.

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