EURCHF price is set to continue surging in a bullish phase to the 1.06030 market zone. After the touchdown at the 0.99700 significant level, the price phase changed its trend. At this support level, the sell traders lacked the necessary tools to pull the price in their preferred direction. However, the buyers came through the market, causing a significant change in the direction. The price has broken through the next support level as the pace increases with bullish strength. Following that, a rebound was evident in the market. This implies that the bulls are still interested in causing a flow in the market.
EURCHF Key Levels
Resistance Levels:1.09330, 1.06030 Support Levels: 1.01800, 0.99700
EURCHF Long Term Trend: Bullish
Before the buyers tried to conceal the bears in the market, the sellers were the dominant force in the market. Before the price trend changed, the bears were concentrated in the EURUSD market. After a retest at the 1.09330 significant level, the sellers first reduced the price before dropping again in September 2021. The bears extended their market influence near the 1.06030 level. However, the price rebounded from this level before resuming its bearish trend.
The selling pressure in the market came to a halt when the price eventually arrived at the 0.99700 support level. Because of the low market tension, the bears could not break through this level, and buyers filled their positions. In the market’s daily Stochastic indicator, the signal is getting stronger. This confirms the continuation of the bullish trend.
EURCHF Short Term Trend: Bullish
The market pair is set to continue surging due to price increases. The bulls are already strengthening due to the price rebounding near the 1.01800 significant level. The Relative Volatility Index shows price volume surging in the market. As momentum progresses, buyers are expected to push the price level beyond the 1.06030 critical level.
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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.
