EURCHF Analysis – December 7
EURCHF sets for a bullish retracement as the market becomes oversold. The market’s order flow exhibited a bearish sentiment well in advance of the recent rebound from the descending trendline. The substantial drop from the bearish order block within the supply zone at 0.96900 indicates a prolonged dominance of bearish forces. It is anticipated that the EURCHF will maintain a bearish stance for an extended period.
EURCHF Key Levels
Demand Zones: 0.94200, 0.93000
Supply Zones: 0.96900, 1.00900
EURCHF Long-Term Trend: Bearish
The prolonged bearish trajectory of EURCHF has persisted over an extended period. As indicated by the RSI (Relative Strength Index), there has been a substantial influx of selling pressure, preventing the market from veering into overbought territory. The RSI consistently hovers below the 70.0 threshold during retracements, diminishing the likelihood of market overheating.
.
In March 2023, a rebound off the descending trendline occurred amid persistent bearish forces, propelling the price downward. The ensuing descent culminated in the establishment of a swing low at 0.97100. After the establishment of the swing low at 0.97100, a notable uptick ensued. However, this upward retracement proved ephemeral as EURCHF once again collided with the descending trendline.
.
The price experienced a decline, encountering significant resistance initially at the 0.96900 support level. Despite attempts by the bulls to alter the market’s trajectory, they were unsuccessful, resulting in a further plunge to the 0.95300 price level. The previously formed relative equal highs at the 0.95300 price level lost validity as the price recently plummeted from the premium zone.
EURCHF Short-Term Trend: Bearish
The four-hour chart displays a bearish trajectory in the market’s order flow. Commencing with the emergence of a head-and-shoulder pattern at a premium, the bearish trend unfolded. Nevertheless, an imminent, substantial upward retracement is anticipated, given the oversold signal conveyed by the RSI.
.
Do you want to take your trading to the next level? Join the best platform for that here
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
9.8
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
9
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
9.8
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
9
Learn to Trade
Never Miss A Trade Again
step 1
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
step 2
Get Alerts
Immediate alerts to your email and mobile phone.
step 3
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.
