EURCHF has exhibited a bullish trajectory within the shorter 4-hour timeframe, albeit contrary to the prevailing higher daily timeframe trend. This upward movement is poised to encounter impediments due to encountering a resistance level.
EURCHF Key Levels:
Demand Levels: 0.9550, 0.9370, 0.9300
Supply Levels: 0.9650, 0.9730, 0.9840
Long-Term Trend for EURCHF: Bearish
The downward momentum in EURCHF’s market, characterized by swift price depreciation, reveals the sellers’ dominance, underscoring their control over the prevailing market dynamics. The ongoing ascent, however, seems to lack vigour and dynamism, raising questions about its sustainability in the face of entrenched bearish pressures.
In July, the Stochastic indicator ventured into oversold territory, instigating the ongoing retracement phase. This retracement takes on the guise of a bullish trend within the shorter timeframes.
Short-Term Trend for EURCHF: Bullish
Bullish Within the shorter time horizon, the bullish breach of the prevailing structure indicates a counter-trend. Notably, the price has entered a bullish order block on the daily chart. While the shift in market structure within the shorter timeframe suggests a continuation, the broader institutional order flow adheres to the prevailing higher timeframe bearish sentiment. Consequently, a decline towards the next institutional level at 0.9500 remains in the projection.
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Short-Term Trend for EURCHF: Bullish
Short-Term Trend for EURCHF: Bullish
