EURCHF Locks onto Bearish Trendline
Login

EURCHF Locks onto Bearish Trendline

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Market Analysis – October 28

EURCHF bulls continue to counter declines from the key resistance trendline, with prices adhering closely to this line since early October, leading to the formation of a narrow range.

EURCHF Key Levels

Demand Levels: 0.93070, 0.92100, 0.80000
Supply Levels: 0.94520, 0.95660, 0.97300

EURCHF Locks onto Bearish Trendline EURCHF Long-term Trend: Bearish

EURCHF has been navigating a descending parallel channel, where the lower highs and lows connect within this bearish structure, forming a parallel channel. The pair’s third test of the channel’s upper boundary was anticipated to trigger a substantial selloff; however, price action has consolidated along the trendline. This suggests potential indecision in the market, despite an underlying bearish bias.

Momentum indicators reflect steady but moderate bearish pressure without significant downside acceleration. The Smoothed Heikin Ashi candles, which lie atop the daily candles, further highlight a subdued price movement, underscoring the prevailing stiffness in momentum.

EURCHF Locks onto Bearish TrendlineEURCHF Short-term Trend: Bearish

EURCHF’s adherence to the resistance trendline suggests a possible breakout in the short term. On the 4-hour chart, a gradual increase in momentum towards the trendline’s edge strengthens the potential for a breakout. Should this occur, a successful retest of the trendline could confirm the breakout and yield favourable entry points for bearish trades, offering high-probability forex signals for traders monitoring this pair closely.

Make money without lifting your fingers: Start using a world-class auto trading solution

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News