Market Analysis – March 21
The EURCHF market experienced a decline in price from June to September of the previous year. The continuous expectation for a bullish reversal failed until the demand level of 0.9480 was tested. The market has resumed another bearish trend on the higher timeframe.
EURCHF Key Levels
Demand Levels: 0.9820, 0.9710, 0.9480
Supply Levels: 0.9930, 1.0090, 1.0230
EURCHF Long-term Trend: Bearish
EURCHF ascent started in September with three white soldiers leading the market away from the 0.9480 key level. The ascent continues after a pullback to test the Moving Average period nine after it swerved above the Moving Average period twenty-one. The market rose consistently with the aid of an ascending trendline anchored on the 0.9710 support level.
After the test of the key level of 1.0090, a large double-top pattern formed to signal a bearish reversal in the market. The test of the bearish trend line caused a descent to 0.9710.
EURCHF Short-term Trend: Bullish
The market has ascended to test the bearish trendline. The Stochastic shows the market is overbought on the daily chart and the four-hour chart. The price is expected to sink to the 0.9820 key level.
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