EURCHF Retraces after a Major Breakout
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EURCHF Retraces after a Major Breakout

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Azeez Mustapha

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Market Analysis: January 17

EURCHF experienced a successful breakout after long-term consolidation in the market. A bullish displacement pierced through the resistance trendline like a hot knife through butter on the 11th of January.

EURCHF Key Zones:

Demand Zones: 0.98210, 0.97230, 0.96470, 0.94300
Supply Zones: 0.99120, 0.99500, 1.00600, 1.01520

EURCHF Retraces after a Major Breakout EURCHF Long-term Trend: Bullish

EURCHF’s uptrend started on September 29th with the appearance of three white soldiers. The stochastic indicated that the market had been oversold, resulting in a sharp upward movement. The impulsive move was followed by a correction back to 0.96470. The market retraced to test the Moving Averages (periods 89 and 200) after their cross.

The second impulsive wave was initiated on October 12. The market rallied from 0.96470 to the resistance level of 0.99500. The correction phase kicked in immediately afterwards. Lower highs and higher lows formed a symmetrical triangle. A bullish breakout followed the correction phase. The impulsive move only lasted for a few days.

EURCHF Retraces after a Major Breakout

EURCHF Long-term Trend: Bearish

The market has dived from the resistance level at 1.01520. The market is currently testing the border of the symmetrical triangle. A bullish reversal is expected as the stochastic is almost oversold.

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