EURCHF Market Analysis – July 20
EURCHF makes signs of trend change in the market. The daily timeframe on EURCHF has been extremely bearish ever since it broke the previous support level at 1.0520 on the 15th of November 2021. Ever since this breakout, the Moving Average (MA) Cross indicated that the market has been ranging on a long-term outlook.
EURCHF Major Zones
Resistance levels: 0.9960, 1.0520
Support levels: 0.9800, 0.9660
EURCHF Long-Term Trend: Bearish
Apparently, in the month of November 2021 to January 2022, the EURCHF is seen to be ranging below the resistance level at 1.0520. The ranging market temporarily paused after the fake-out on the 3rd of February this year. Since then, the market has been unable to break the resistance level at 1.0520 and 0.9660.
On the 10th of May, 2022, the market bulls led the market to a resistance zone, which caused a change in the bullish trend at 1.0520 as bears stormed the market. After the bears stormed the market, the downtrend began after the double top pattern formed. Currently, the Relative Strength Index (RSI) indicates that the market is in an oversold region, which implies that a correction or complete change in trend is likely possible.
EURCHF Short Term Trend: Bullish
In alliance with the daily timeframe, the bullish timeframe’s direction also appears bullish as it approaches the resistance level at 0.9960. A break in this resistance will cause a break in the market structure, which will most likely cause more bulls to storm the market and drive it upward.
The break of the resistance at 0.9660 is likely to cause a trend change in EURCHF. The market is expected to retest upon the breakout to reach the double tops’ neckline and possibly break it upward.
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