Eurchf Launches From 0.9710 Support Level

EURCHF Analysis: December 12

EURCHF launches from 0.9710 support level towards resistance levels on the daily chart. Mitigation of the bullish order block caused the price to fly from 0.9710.

EURCHF Major Levels

Demand Levels: 0.9640, 0.9710, 0.9800
Supply Levels: 0.9900, 0.9950, 1.0040

EURCHF Long-term Trend: Bullish

The cross of the day Moving Averages (periods 50 and 20) in June confirmed the change in market direction. Before the change, the market moved sideways as buyers and sellers struggled upon reaching 1.0300. A sudden shift in the market structure is obvious with the large bearish daily candle carrying a gap in June. The selloff at 1.0300 was so successful that it resulted in a further decline in the market. The Moving Averages (periods 50 and 20) revealed the dominance of the bears.

Three white soldiers appeared in October. This candlestick chart pattern was a strong sign of the recovery of the buyers. A bullish (OB) order block was left unmitigated below 0.9640. At the 0.9640 support level, another bullish order block was formed before the price skyrocketed to 0.9950. The Moving Averages also crossed to reveal the change in market direction from bearish to bullish. The market has retraced back to the order block where buy orders were filled.

EURCHF Short-term Trend: Bullish

There was a mitigation of the bullish OB. It appeared to be a retest of the bearish trend line. The price has reached 0.990. The market is expected to ascend to 0.9950 with the support of the Moving Averages.

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