EURCHF remains ensnared below the crucial resistance level of 0.9840, despite recent bullish endeavors. Following an aggressive price crash after an unsuccessful attempt to breach the aforementioned resistance level in April, EURCHF finds itself once more at this critical juncture. However, the price has retraced to a bullish order block at 0.9700 in a bid to amass the necessary momentum for a potential breakout.
The long-term trend for EURCHF has been characterized by a bullish shift in market structure since the onset of 2024. Despite breaching multiple resistance levels with apparent ease, the currency pair encountered formidable resistance at 0.9840. An attempt to break through in April resulted in a swift descent to the demand level at 0.9560.
Notably, indicators such as the Hull Butterfly Indicator turning green corroborate the bullish sentiment. Similarly, the Parabolic SAR points residing below daily candles also contribute to this bullish outlook.
EURCHF Short-Term Trend: Bullish
Buyers have demonstrated resilience as evidenced by a rebound aimed at challenging the resistance zone once again. However, a subsequent attempt in May yielded negative results, prompting a retreat to the bullish order block at 0.9760. This retracement aims to gather the necessary momentum to facilitate a potential breakout from the persistent resistance at 0.9840.
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EURCHF Short-Term Trend: Bullish
