EURCHF Price Slums in Parallel Channel
Login

EURCHF Price Slums in Parallel Channel

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Market Analysis – June 6

EURCHF is experiencing a downward trend, characterized by a bearish parallel channel, which has influenced its price action. The upper boundary of the channel, serving as a resistance level, has been tested, leading to increased short positions during this trading week.

EURCHF Key Levels

Demand Levels: 0.9640, 0.9550 0.9480
Supply Levels: 0.9780, 0.9890, 1.0050

EURCHF Price Slums in Parallel Channel

EURCHF Long-term Trend: Bearish

At the beginning of March, EURCHF exhibited a bearish movement, starting from the supply level of 1.0050 and reaching 0.9700. The market retraced within the upper range of the bearish swing, where a double-top bearish reversal pattern signaled the initiation of a gradual downward trend. The Stochastic indicator confirmed the start of the downward trend by becoming overbought during the formation of the double-top pattern.

The downward price movement has been effectively contained within the boundaries of the parallel channel. The resistance trendline, positioned above the daily candles, has been tested. The Stochastic indicator also suggests a readiness to resume the downward momentum. Currently, the price is declining towards the supporting trendline.

EURCHF Price Slums in Parallel Channel

EURCHF Short-term Trend: Bearish

On a lower timeframe, a double top pattern has emerged at the resistance boundary, further confirming a potential sell-off. The price is currently rapidly approaching the level of 0.9640. As the Stochastic indicator indicates oversold conditions, a pullback to the bearish order blocks is expected to reinforce the ongoing downward movement.

Do you want to take your trading to the next level? Join the best platform for that here 

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News