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EURCHF Market Analysis – October 12
EURCHF price continues to plummet after a swing high was established in mid-June 2022. The price has been following a bearish trend line, indicating a downward trajectory.
EURCHF Key Levels
Demand Levels: 0.95200, 0.94000, 0.93200
Supply Levels: 0.96800, 0.98400, 1.00600
EURCHF Long-Term Trend: Bearish
Following the creation of a significant high, prices crashed hard with little recovery. However, the absence of liquidity to drive prices higher caused the price downpour to halt.
The price decline breached the 0.95200 demand threshold but quickly started to decline again. However, sentiment became bullish as the price retraced to grab liquidity on previous highs, enabling a further price decline.
The retreat is approaching the supply level of 1.00600 in alignment with the resistance of the trend line, which suggests a potential tumble and the establishment of lower lows.
EURCHF Short-Term Trend: Bearish
The demand level of 0.95200 provides support for the current price action crash. The price repeatedly attempts to invalidate this level but fails. To breach the 0.95200 demand level, the price needs sufficient strength. This can be achieved through retracement to remove liquidity and partially close the Fair Value Gap.
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