EURCHF Price Is Pushing Higher After Retesting 0.98360

EURCHF Analysis –  November 8

EURCHF price is presently climbing as currency investors are enjoying a good run in the market. The buying base has recovered from a highly depressing experience that happened over the past few months to a very strong upward rise. EURCHF was firstly structured in an inverted head-and-shoulders chart pattern, which emboldens it to violate a major supply level. EURCHF then retests the level and is now climbing higher once again.

EURCHF Critical Levels

Supply Zone: 0.98360, 0.99869, 1.01010
Demand Zone: 0.94000, 0.96140, 0.97200

EURCHF Long-Term Trend: Bullish

When the coin was under the dominion of the sell traders, the investors were still making attempts to influence the direction of the price until it dropped below the 0.98360 key level. After that, everything went south for EURCHF. Every attempt by the investors to lift the price trend afterward was met with stiff resistance, and the currency pair plummets to its lowest level ever.

However, after that event, the sell traders dropped their intensity, and the buyers grabbed the opportunity to begin a rebuild. They took advantage of the chart formation of the currency pair at that time to create a bullish pattern. This eventually helps them invalidate the solid 0.98360 price level. After violating the level, the EURCHF pulls back to retest the level. The MACD (Moving Average Convergence Divergence) is not affected by the pullback, which highlights the bullish strength in the market.

EURCHF Short-Term Trend: Bullish

The currency pair has now bounced off the 0.98360 key level. The EMA (Exponential Moving Average) period 25 is below the candlesticks on the daily chart and the 4-hour chart. The MACD on the 4-hour chart responds to the market retracement and drops slightly below the zero level, but it has immediately crossed back upward, rising into a positive value as the market bounces off 0.98360. EURCHF will be looking to keep up its bullish run to reach 1.03270.

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