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Market Analysis – September 18
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.
EURCHF Key Levels
Demand Levels: 0.94000, 0.92000, 0.90000
Supply Levels: 0.98500, 1.01000, 1.05000
EURCHF Long-Term Trend: Bearish
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.
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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.
EURCHF Short-Term Trend: Bullish
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.
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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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