Market Analysis – November 12
EURCHF has reversed consistently after reaching the demand level of 0.93340. Consequently, the lower highs continue to form while the demand level has formed equal lows. This has ultimately formed a descending triangle pattern on the daily chart, setting the market up for a price breakout.
EURCHF Key Levels
-
Demand Levels: 0.93340, 0.92110, 0.91000
-
Supply Levels: 0.94520, 0.95660, 0.96430
EURCHF Long-term Trend: Bearish
The lower highs formed on the EURCHF market reveal the respect and sensitivity at premium blocks in the market structure. Notably, the downward trend was initiated in July at the failure of a bullish order block of 0.97300. Furthermore, due to the change in market direction and the bearish displacement, the block served as a mitigation block upon the following pullback, giving entry access for bears to short the market.
Similarly, in August, the market retraced to 0.95660, where a bearish order block rested in the premium region of the bearish displacement. Meanwhile, the Stochastic revealed the market was oversold at that point. This led to a purge to the formidable demand zone of 0.93340. Moreover, the Stochastic has continuously shown an oversold price at the test of the demand level. With the lower highs and unchanging lows, the notice is narrowing down to a point, setting the market up for a breakout.
EURCHF Short-term Trend: BearishIn addition, on the lower timeframe, a bearish trend has emerged from the test of the bearish trendline of the descending triangle. As a result, the price is driving back to the demand level. Given that the demand level has been well defended, it is safe not to set targets beyond the demand level on forex signals to have realistic targets.
.
Make money without lifting your fingers: Start using a world-class auto trading solution
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
9.8
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
9
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
9.8
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
9
Learn to Trade
Never Miss A Trade Again
step 1
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
step 2
Get Alerts
Immediate alerts to your email and mobile phone.
step 3
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.
