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.
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 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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