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EURCHF Analysis: September 20
EURCHF is trapped between the resistance level at 0.980 and the support level at 0.960. The bulls attempted a breakout above the 0.980 supply zone but failed. The market crashed back to the previous support level.
EURCHF Major levels
Resistance levels: 1.050, 0.980
Support levels: 1.010, 0.960
EURCHF Long-Term Trend: Bearish
EURCHF formed a symmetrical triangle during the first half of the year 2022. This was followed by a bearish breakout on the 16th of June. A double top reversal pattern was formed below the supply zone at 1.050 to signal a bearish breakout. The bears dived vigorously to break the bullish trend line. The Parabolic SAR (Stop and reverse formed above the large bearish candle that caused the breakout. The bears have dominated the market and the price has plunged to the support level at 0.960.
EURCHF dipped to the oversold region at 0.960 in August. The RSI (Relative Strength Index) revealed the exhaustion of the bears. The bulls utilized the opportunity to gather momentum at the demand zone to rally. Three white soldiers formed as the market launched away from the demand level. The recent high at 0.980 was swept by the bulls to attempt a change in the market direction.
EURCHF Short Term Trend: Ranging
EURCHF is currently gyrating between the major levels of 0.980 and 0.960. There was a shift in market structure at the 0.980 supply zone. The market formed lower highs and lows to lead the price back to 0.960. The bulls have leapt off the demand level to soar to the next resistance level. On the four-hour chart, the Parabolic SAR is currently supporting the bullish run towards the upper border of the range at 0.980. The RSI is also bullish on the four-hour timeframe.
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