EURCHF Retests Bullish Order-Block
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EURCHF Retests Bullish Order-Block

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Azeez Mustapha

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Market Analysis – September 22

EURCHF retests bullish Order-Block on the daily chart. The market trend in EURCHF has been experiencing successive lower lows. The most significant low occured in late September 2022. However, the downward price movement came to an end with a structural break at the 0.98600 level.

EURCHF Key Levels

Demand Levels: 0.96500, 0.94000, 0.91800
Supply Levels:  0.98600, 1.00900, 1.05500

EURCHF Retests Bullish Order-Block

EURCHF Long-Term Trend: Bullish

Breaking the resistance level at 0.98600 has shifted the overall market trend in favor of the bulls. Although a bullish price impulse move was denied at the 1.00900 level, it marked the start of a retracement phase.

During this retracement phase, the price broke through the support level at 0.96500 to generate the necessary liquidity to support the bullish uprun. The area around this support level acts as an order block, where prices tend to consolidate when bullish orders accumulate.

When the price reached the order block, the bearish momentum decreased, indicating a potential bullish move. The bullish inclination is further supported by the Moving Average’s bearish sign turning into a positive indicator.

EURCHF Retests Bullish Order-Block

EURCHF Short-Term Trend: Ranging

The current price action’s range makes it challenging to predict short-term directions and when they will occur. However, a break above the 0.96500 level would confirm our optimistic stance in line with the long-term bias.

 

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