EURCHF Is Reacting at the 1.08700 Significant Level

EURCHF Price Analysis – September 21

EURCHF is reacting to the 1.08700 significant level. Since bouncing off the 1.07400 support level, price has been in a strong bullish move. This can be seen with 8 consecutive bullish candles which lifted the market above the 1.08700 key level. However, since climbing around this level, EURCHF has been reacting by dropping below and bouncing above the level repeatedly with volatility.

EURCHF Important Zones

Resistance Levels: 1.08700, 1.09190, 1.09860
Support Levels: 1.08330, 1.07830, 1.07400

EURCHF Long Term Trend: Bullish

The market has overturned a previously bearish tenure to a bullish one, using the 1.07400 support level. The influence of the support level extends to 1.07000. When price sank to the level on the 30th of July 2021, it plunged a little lower before reversing upwards after displaying two spinning top candlesticks. EURCHF then sprang up from there, only to be repelled at 1.08330, which plunged the price back below 1.07400.

Once again, EURCHF sprang up after reacting to the support zone, retesting the level as it surged higher with more volatility. The market was able to bypass 1.08330, but it stopped short and started undulating around 1.08700, which is a tension zone between bulls and bears. Despite the fluctuation at this level, the Parabolic SAR (Stop and Reverse) has much more dots below the daily candles than above it, which implies more bullish dominance. The Relative Strength Index indicator also remains in the buying half.

EURCHF Short Term Trend: Bearish

The market is currently bearish in the short term on the 4-hour chart, which is confirmed by the Parabolic SAR, which currently has the dot aligned above the 4-hour candlesticks. Also, the RSI line has plunged to the selling half. Despite the short-term bearish activity, the market has generally been making a higher high and a higher low to fit the market into an expanding triangle pattern.

EURCHF is expected to make a reversal anytime soon, which will lift the market to 1.09190, where it is expected to break out to continue the upward movement.

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