Market Analysis – February 28
The EURCHF market has defiled the ascending trendline on the daily timeframe. With the change in market direction, a downtrend has been established in the 24-hour timeframe. The price has ascended to the resistance order block, which provides an opportunity for the sellers.
EURCHF Key Levels
Supply Levels: 0.9910, 1.0060, 1.0150
Demand Levels: 0.9820, 0.9720, 0.9640
EURCHF Long-term Trend: Bearish
The EURCHF market surged from 0.9820 to 1.0060 after consolidation. The market created a range all through December. In January, the supply level of 1.0060 was attacked. The sellers utilized the opportunity to engineer a bearish reversal. A failure swing was experienced in January. A lower high formed after the test of the 1.0069 supply level.
The market experienced a change of character, which further also established the reversal. The supporting trendline of the rising wedge did not hold. The daily candles slipped off the ascending trendline in February. The Parabolic SAR (Stop and Reverse) point appeared immediately above the daily candles to further confirm the new bearish trend.
EURCHF Short-term Trend: Bearish
The price declined below the 0.9910 key zone in February. The Stochastic indicated an oversold market. This fostered the retracement back to the resistance order block, which lies in the ascending wedge. The market is currently overbought, as seen on Stochastic. The test of the order block is likely to foster a decline to 0.9820.
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