EURCHF Rises as Buyers Rally From Below the 1.02000 Key Level

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EURCHF Analysis – May 24

EURCHF price rises as a result of buyers placing a buy order below the 1.02200 market zone where there happens to be less selling significance. As a result of the interest shown by both parties in the price structure, there have been several shifts in the structure of the prices. Even so, buyers are hopeful that they can push the Kiwi tendency higher, possibly up to the 1.04900 resistance line, where traders who buy should expect a bullish flow.

EURCHF Market Levels

Resistance Levels: 1.06130, 1.04900
Support Levels: 1.02200, 1.09900

EURCHF Long Term Trend: Bullish

Price action over the past few months has shown multiple retests of the significant 1.02200 level as well as breakthroughs at that level. As a consequence of a prolonged display of bearish sentiment following a breakdown at the key zone located at 1.06130, the bearish market engaged the pair in a move that brought it down to the support zone at 1.00900. As a result of more orders being placed in the vicinity of the 1.02200 market zone, the two prospects have now started to exchange levels around that area.

The buyers were finally able to push the price tendency above the 1.02200 key zone, and this was followed by the sellers’ conducting a retest of this important point. Despite this setback, the buyers gained more strength as the price increased up to the crucial level of 1.04900. Following an unexpected drop in price brought on by a large pool of strong liquidity caused by sellers, buyers are now starting to show interest in the price again. An increase in the momentum of the buyers will therefore result in an aggregate price tendency that is upward. At the moment, the true strength indicator is above the 0.00 line, which shows that the Kiwi market has a positive outlook.

EURCHF Short Term Trend: Bullish

The 4-hour replicates the bullish structure of the daily chart. The buyers are preparing to fill the void created by the sellers in the Kiwi market. The buyers should anticipate movement up to the 1.04900 key zone.

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