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EURCHF resolves downward with bulls ready for a pick near the 1.01810 significant level. The market has begun to show bulls’ exposure and is now phasing a lag in price downward. Therefore, the market resolves back to the significant 1.01810 level in price as the buyers plan to pick up strength from this critical point. When the bulls’ sentiment takes hold of the price’s influence near the 1.01810 critical level, the price will bounce to the 1.06020 significant level.
EURCHF Key Levels
Resistance Levels: 1.9520, 1.6020 Support Levels: 1.01810, 0.99710
EURCHF Long Term Trend: Bullish
The bearish exposure in the market came into alignment after the price briefly consolidated between the levels of 1.09520 and 1.06020, a significant level in price. The sellers broke down from these levels as the price resolves downward. EURCHF price dropped significantly in the market as the bearish momentum increased. On the other hand, the price rose to a significant level of 1.06020 before the bears took over again.
Furthermore, the price resolves downward, breaking through the 1.01810 and 0.99710 significant levels in the market. After the bearish playdown, the bulls changed the price trend in the market. The buyers now seek to resolve the price tendency upward in the market. The bulls already broke through the 1.01810 level significantly and are ready to retest this level before continuation. The Stochastic Oscillator shows that the price is moving in the direction of the sellers. This means that the price will fall back to the 1.01810 significant level. Therefore, the price is expected to pick up momentum from the 1.01810 level as the market moves in a more bullish direction.
EURCHF Short Term Trend: Bearish
On the 4-hour chart, the market is currently operating in a sell phase. However, the bearish term will end when the price eventually arrives at 1.01810 for a retest in price. The buyers, therefore, look forward to price distribution moving upward in the market. The Parabolic SAR (Stop and Reverse) indicator shows price following a bearish order, and the stochastic confirms that the bearish trend is almost over. Therefore, a request is expected for the price to be distributed back to the 1.06020 significant level.
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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.
