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Market Analysis – September 13
EURCHF lurks in consolidation. The market experiences a successful bearish breakout on the daily timeframe. A declining wedge has defined the market since February. The support trendline was invalidated on July 12.
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The selling pressure significantly pushed the price underneath the support trendline. The sell-off was initiated, and then the price structure formed the resistance trendline at 0.9840. Afterward, a double top formed, which resulted in a spill in the price.
EURCHF Key Levels
Demand Levels: 0.9520, 0.9400, 0.9300, 0.9200
Supply Levels: 0.9650, 0.9840, 1.0000, 1.0070
EURCHF Long-Term Trend: Bearish
The daily candles swoop below the Moving Average period twenty, which lies within the Bollinger Bands. This signaled the resumption of the downward trend. The major low of 0.9650 was broken. The price crashed further to 0.9520.
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Afterward, a pullback followed to establish a retest of the supporting trendline of the wedge. The same trendline provided resistance upon a retest. A double bottom top formed at 0.9650, which aided the sellers in shorting.
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Notably, the support level of 0.9520 has revealed the great defense of the Bulls. The level has resisted multiple tests since late July. The price is currently stuck between 0.9650 and 0.9520. The price has bounced off the lower end of the range. Currently, the market is almost at the midpoint of the range on the 24-hour chart.
EURCHF Short-Term Trend: Ranging
The 4-hour chart reveals the stiff consolidation in the price action. A bearish breakout is anticipated to continue the bearish trend. A bullish breakout is likely to engineer a bullish trend.
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