EURCHF Sellers Regain Mastery of the Market

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EURCHF Analysis – August 9

EURCHF sellers have regained mastery of the market. They do this by forcing the market into a downward motion from the significant resistance level of 1.04960. A double top reversal pattern was employed to spark a reversal at that resistance level. Hence, the buyers’ influence in the market has since waned as the price continues the drop past several key levels to reach the 0.97200 support level.

EURCHF Significant Zones

Resistance Levels: 0.99760,
Support Levels: 0.97200,

EURCHF Long-Term Trend: Bearish

The lowest the market reached when the bears were initially raging was 0.99760 on the 7th of March. After that, the buyers stepped in to interrupt the downward sailing of the price. A struggle for power ensued thereafter, with the buyers having the upper hand. However, the sellers made full use of the 1.04960 resistance level as their armor to disarm the buyers totally.

The result is that the market plummets heavily and drops below several key levels. As the price drops, it can be seen that the buy-traders try at different times to influence the price, but it is not successful. The EFI (Elders Force Index) is a reflection of the state of the market. The power is plunging into the negative, showing that sellers have the upper hand.

EURCHF Short-Term Trend: Ranging

While the EFI on the long-term chart is negative, there is a sharp upturn in the power line, which shows that bulls are silently pulling their weight for a reversal. This is confirmed by the 4-hour chart EFI, whose power line is now playing around the zero level. Market volatility will have to improve if buyers want to cause a change. However, for now, they have halted the decline in price and EURCHF will fancy testing the 0.99760 zone.

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