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Market Analysis – November 2
EURCHF price experiences a consistent decline as the price breaks structure bearishly after being rejected at the 1.04800 level. The downward movement of the price has found support at the 0.94000 level, leading to a retracement.
EURCHF Key Levels
Demand Levels: 0.97200, 0.95450, 0.94000
Supply Levels: 1.00000, 1.01800, 1.04800
EURCHF Long-Term Trend: Bearish
The price encountered resistance at the 1.04800 supply level, resulting in a bearish break of the market structure. The decline led to a one-sided decline in price without any significant retracement.
However, when the price reached the 0.94000 demand level, it started to retrace. The retracement came to an end when the price reached the mitigation block and the 1.00000 supply level, causing the price to resume its downward movement.
As the price dropped, it formed a bearish trend line that respected both support and resistance levels. The current price action indicates that the price is retracing towards the resistance of the bearish trend line. Additionally, the Relative Strength Index (RSI) suggests that the price is in the overbought region around 70.00, further supporting a bearish outlook.
EURCHF Short-Term Trend: Bearish
The current price is undergoing a pullback phase as it approaches the resistance of the bearish trend line. The RSI indicates that the price is significantly above the 70.00 mark, implying that it is highly overbought.
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