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EURCHF Price Analysis – August 3
EURCHF keeps falling after it breached another key support level at 1.08480. This has been the situation since price hit a two-year high at 1.11550 on the 4th of March 2021. The market had had to climb an uptrend line to get to that point. It was initially believed that the fall in price was one of the numerous drawbacks to climbing up the uptrend. EURCHF rebounded off the uptrend line at first but fell through at the second time of asking.
Resistance Levels: 1.11550, 1.09970, 1.08480
Support Levels: 1.06780, 1.06040, 1.05100
EURCHF Long Term Trend – Bullish
Buyers waited for the falling market at 1.08480 to try pushing price to continue its uptrend. Though the key level was dogged, it held price for 10 trading days, but EURCHF eventually fell off the support zone to keep plunging. Sellers have therefore been successful in bringing the market down almost 4%, but in a far longer time than it took the bull to bring the market down (107 trading days).
EURCHF, still plunging downwards, has been in something of a free fall. The MA period 20 (Moving Average) has remained above the daily candles to keep pushing it down. The market is now approaching the next support level at 1.06780, which is sure to give EUCHF some strong support. If price keeps its momentum and makes it past, then another major support level at the 1.06040 key level awaits the market.
EURCHF Short Term Trend – Bearish
Since falling off the 1.08480 support, the market has been consistently falling and keeps bouncing along a downtrend line at an acute angle. The MA period 20 is above the 4-hours candlesticks just like in the daily charts. Both the RSI (Relative Strength Index) and the Stochastic Oscillator show that price has entered an oversold region.
There is a little more allowance for a fall before EURCHF confronts the 1.06780 support where price is predicted to experience a market reversal.
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