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Market Analysis – May 28
EURCHF has successfully enforced a bullish breakout above the supply zone of 0.9840 after several failed attempts. However, the pair has shown sluggishness in its ascent towards the significant resistance level of 1.0000 over the past week.
Key Levels for EURCHF:
- Demand Levels: 0.9700, 0.9560
- Supply Levels: 1.0000, 1.0080
EURCHF Long-Term Trend: Bullish
The formation of a Pinocchio candle (also known as a hammer candle, characterized by a long wick and small body) above the 0.9560 level indicates strong buyer resilience, rejecting bearish trends. This candle highlighted a sharp price rejection at 0.9560, followed by a swift recovery above 0.9700.
The Hull Butterfly Indicator confirms an upward trend, providing clear evidence of sustained bullish momentum in the market. Complementing this, the 9 and 21-period Moving Averages also indicate a positive trend. The shorter-term 9-period Moving Average has consistently remained above the longer-term 21-period Moving Average, forming a bullish crossover. This alignment further strengthens the bullish momentum, as it suggests that recent price action has been positive and supports continued upward movement.
EURCHF Short-Term Trend: Ranging
On the 4-hour chart, EURCHF is struggling as it approaches the 1.000 resistance level. The Moving Averages are converging with small-sized candles, indicating a sideways movement. This could signal either market exhaustion or reaccumulation. As a shift in market structure has not yet been confirmed, the market is still anticipated to challenge the 1.000 resistance zone.
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