EURCHF Prepares to Blaze Down in the Market

EURCHF Analysis – April 12

EURCHF prepares to blaze down in the market following a retest at the 1.02110 significant level. The EURCHF price shows a high tendency to drop from its current price level back to the 0.99710 significant level in the market. The sellers are willing to place more pressure on the market, causing a massive drop in the EURCHF market. Since the price broke through the order block of the 1.02110 significant level, there has been intense pressure to make the price continue its fall in the market as the bearish order continues.

EURCHF Market Zones

Resistance Zones: 1.09440, 1.04010
Support Zones: 1.02110, 0.99710

EURCHF Long Term Trend: Bearish

The sellers’ pressure on the EURCHF emerged from a bearish swing. The price was displaced in the market in a descending channel. When the market also broke through the 1.09440 significant level, there was still a continuation in the price swing of the market. The Parabolic SAR (Stop and Reversal) indicator also displays price tendency as the trend continues in the market.

Nevertheless, the selling pressure continues as the price continues to blaze down. The price broke out of the trend lines and retested the order block near the market’s key level of 1.04010. The bulls’ supply was also on display in the market. Presently, the price is expected to fire downward as the bear pressure increases in the market. The Relative Strength Index (RSI) shows a price signal below the middle level of the market on the daily chart.

EURCHF Short Term Trend: Bearish

The market supply on the 4-hour chart shows the price distribution swinging in a bearish orientation. The price made several retests at the 1.04010 significant level before finally breaking through the strong critical level of the 1.02110 significant level. As a result of this breakthrough, the price has also reacted below the 1.02110 critical zone, and a further drop is expected to the 0.99710 significant level in the market.

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