EURCHF Analysis – February 1
EURCHF reacts to the bearish order block at 0.94540, prompting the continuation of the market’s bearish trend. A potential retracement is highly probable from the current price level, after which the bearish trend will resume. These forex signals are suggested by the Stochastic Oscillator, which is currently signalling oversold conditions.
EURCHF Key Levels
Demand Zones: 0.92540, 0.91500
Supply Zones: 0.94730, 0.95450
EURCHF Long-term Trend: Bearish
The daily chart has displayed a prolonged bearish trend, with strong buying pressure emerging around 0.95450 in response to numerous attempts by bears to push prices lower. After reaching 0.96940 in late September 2023, bears reasserted control, leading to a subsequent recovery. The market witnessed a significant collapse into the previous demand zone at 0.94730 as bears aggressively invaded. The Stochastic Oscillator indicated oversold conditions during this period.
Following the Stochastic Oscillator’s signal and purchasing pressure from the 0.94730 demand zone, a notable uptick occurred. In November 2023, a lower high at 0.96850 formed in contrast to the earlier peak at 0.96940. After the 0.96850 development, EURCHF experienced a swift decline, revisiting the prior demand zone at 0.94730. Despite this, bears orchestrated additional price drops, leading to the formation of a bearish order block at 0.94540.
EURCHF Short-Term Trend: Bearish
On the four-hour chart, the resistance level at 0.94730 and the support level at 0.92540 represent the trading range for EURCHF. As the price returns to the premium zone, a rebound off the 0.786 Fibonacci retracement level is expected.
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