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Market Analysis – January 24
EURCHF has leapt out of a bullish order block for the second time on the current uptrend in the daily chart. The buyers are taking advantage of deep discount levels to ascend.
EURCHF Key Zones
Demand Levels: 0.94300, 0.96470, 0.98210
Supply Levels: 1.00600, 1.01520, 1.02500
EURCHF has leapt out of a bullish order block for the second time on the current uptrend in the daily chart. The buyers are taking advantage of deep discount levels to ascend. EURCHF was on a steep bearish dive since the stochastic indicator signified that the market was oversold in June. The price declined steadily until October. The month of August was an exception, where the buyers attempted to recover. A bullish shift in market structure was prominent in August. The sellers went short after the daily candles pressed the upper resistance band of the Bollinger.
The market reversal failed woefully as the market dipped further to $0.94300. The second attempt was successful in September. Three white soldiers led the market away from $0.94300. A bullish order block below the fair value gaps is prominent at the demand zone. The magnitude of force used to spring up from the demand level left the bearish order block unmitigated. The market utilised the order block at $0.96470 to push prices higher.
EURCHF Short-term Trend: Bullish
The bullish order block above 0.98210 has served as a support to shoot the price to the 1.00600 resistance level. A retracement towards 1.00600 is anticipated as the Stochastic shows the market is overbought. The upper Bollinger Band has also been tested, which may foster a temporary bearish motion.
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