EURCHF Pullback Turns to Complete Reversal

Azeez Mustapha

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Market Analysis – July 2

EURCHF approached a bearish order block near 0.9730, which initially signalled a potential reversal towards the end of June. However, the anticipated resistance at this level proved insufficient, resulting in a bullish shift in market structure.

EURCHF Key Levels

Demand Levels: 0.9600, 0.9400, 0.9310
Supply Levels: 0.9880, 1.0000, 1.0040

EURCHFEURCHF Pullback Turns to Complete ReversalEURCHF Long-Term Trend: Bullish

In June, the market trend was clearly bearish, as indicated by the Smoothed Heikin Ashi Candles, which showed red candles prevailing over the traditional daily candles. As the price approached the bullish order block at 0.9440, significant buying activity was observed. The Relative Strength Index (RSI) further confirmed this by highlighting an oversold condition, indicating that the selling pressure might have been exhausted and a price recovery was on the horizon.

Following the brief pullback, EURCHF surged with notable momentum, surpassing the bearish orderblock. This movement underscored a strong bullish sentiment in the market, indicating that buyers were gaining control.

EURCHF Pullback Turns to Complete Reversal

EURCHF Short-Term Trend: Bullish

The current uptrend now targets the resistance level near 0.9880, reflecting continued bullish momentum in the near term. This bullish trend is supported by the overall market structure, suggesting that EURCHF is likely to continue its ascent towards higher resistance levels. The Smoothed HeikinAshi candles also reinforces the ascent on the lower timeframe.

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Azeez Mustapha

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.

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