EURCHF Shatters Bearish Chains: Unleashing the Bulls!
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EURCHF Shatters Bearish Chains: Unleashing the Bulls!

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Azeez Mustapha

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Market Analysis – June 20

The EURCHF market has demonstrated its inclination towards a bullish trend, as it defies the bearish channel that has been guiding price movements since March. This surge in price is clearly evident on the daily chart.

EURCHF Significant Levels

Demand Levels: 0.9760, 0.9680, 0.9600
Supply Levels: 0.9820, 0.9890, 1.0050
EURCHF Shatters Bearish Chains: Unleashing the Bulls!

EURCHF Long-term Trend: Bullish

After a brief accumulation phase in February, the price exhibited aggressive fluctuations, reaching the previous high and low on the market structure, which triggered buy stops for traders. Subsequently, the price action followed a well-defined pattern within a bearish wedge.

In late May, there was a convergence region where the demand level of 0.9680 and the supporting trendline intersected. At that time, the Stochastic indicator also indicated an oversold condition. These factors contributed to a buyer-initiated reversal. A bullish double bottom reversal pattern formed, leading to a rapid price surge that broke through the resistance trendline of the bearish channel.
EURCHF Shatters Bearish Chains: Unleashing the Bulls!

EURCHF Short-term Trend: Bullish

The price has retraced to test the boundaries of the bearish channel. The formation of Parabolic SAR (Stop and Reverse) points below the candles indicates an upward movement. On the 4-hour chart, a rising triangle pattern has been identified. There is a high likelihood of a bullish breakout that could propel the price toward 0.9820.

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