EURCHF Price Movement Potential Impact

EURCHF price movement potential impact might be a bullish trend. EURCHF price has experienced a significant decline after breaking its previous structure. This downward movement started in early June 2022 and continued until late September 2022. Following this final leg, the price began a notable pullback that persisted throughout April.

Demand Levels: 0.94000, 0.92000, 0.90000

Supply Levels: 0.98500, 1.01000, 1.05000

EURCHF price movement shattered its structure in early June, suffering a sharp and substantial loss when it failed to surpass the 1.05000 level. Subsequently, the price started rising but encountered resistance around the 1.01000 mark.

However, the price trend passed through a significant change in mid-May when it established a lower low after reaching the 1.01000 level. This indicated a resumption of the initial bearish trend, suggesting that the retracement had concluded.

Despite the overall bearish nature of the price, there is a possibility of a bullish move. The failed low suggests that the bearish trend is temporarily pausing in the form of a retracement.

Furthermore, the price being above the moving average indicates a tendency towards bullishness. Currently, the price is undergoing a pullback to gather liquidity, which will potentially fuel its downward drive towards the 0.94000 barrier.

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