EURCHF Price Is Bracing for an Impact on the Support Level

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EURCHF Price Analysis – March 5

EURCHF price is bracing for an impact on the 0.99670 critical level in the market. The sellers are manipulating the price at their disposal. This gave room for a more bearish impact on the market. Despite sharing the same playing ground in price action, the bulls are not as active as the bears in the market. Therefore, the sellers are disposed to continue their downtrend orientation as the bearish momentum increases in the market. It is expected that the bears will hit the key level of 1.69970 in the market.

EURCHF Significant Levels

Resistance Levels:1.09910, 1.04030
Support Levels: 1.02030, 0.00.99670

EURCHF Long Term Analysis: Bearish

The EURCHF market has maintained a bearish seasonality in the market flow. The market value has been dropping due to the bearish impact. The sellers first sold price moment in a descending trend before it eventually breaks out. The price ultimately rested and even broke through the trend line before the bearish continuation proceeded in the market. The bearish strike continued after a rest at the 1.04030 significant level in the market.

Furthermore, this gave rise to an “M” shaped formation in the market as the price retested the 1.04030 significant level. The sellers are now prepared to cover the remaining part of the “M” shape as the price tends to continue down to the 0.99670 key level. The Parabolic SAR (Stop and Reverse) indicator shows price distribution downward in the market. The (Moving Average Convergence and Divergence) MACD indicator also indicates price disposition in a bearish trend.

EURCHF Short Term Trend: Bearish

The price momentum will increase gradually due to sellers’ willingness to hold price influence in the market. The Moving Average Convergence and Divergence indicator still shows price diffusion downward to the 0.99670 market level. On the 4-hour chart, a bearish drawdown is expected as EURCHF prepares to brace for the 0.9960 support level.

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