EURCHF Spikes Up Amidst Bearish Coercion

Updated:

EURCHF Analysis – May 10

EURCHF spikes upward beyond the 0.03960 key point of the market amidst bearish pressure. A major advancement is already noticeable by the buy merchants, and they are defined by the Impale price level up to the 1.06060 significant level. As a result of the price breakout from 0.03960, buyers can trade against the price direction upward or patiently wait for a price rebound at 1.06060 for a bearish run on the currency pair.


EURCHF Price Levels

Resistance Levels: 1.06060, 1.03960
Support Levels: 1.01810, 1.00920

EURCHF Spikes Up Amidst Bearish CoercionEURCHF Long Term Trend: Bearish

The buyers are pushing the price limit forward despite being controlled by bearish strength. On its end, EURCHF has more sell holders than buyers. This has brought about more down displacement in the trend tunnel. Before the bearish trend came into existence, the buyers first took the price into the trending channel at the beginning of May 2021. The price rose with strong liquidity strength before the bearish strength took over the EURCHF pair.

The bearish moment continued to thicken as more coercion was also established. However, the bulls are not left out of the bargain. They are currently elevating the price despite still being in a bearish moment. The buyers are presently causing a spike up to the 1.06060 key zone after the price rebounded from the 1.01810 price level. The Moving Average Crossing is presently widening as the price is still excited to push forward amidst a bearish market.

EURCHF Spikes Up Amidst Bearish Coercion EURCHF Short Term Trend: Bearish

The 4-hour chart shows buyers’ participation on display. The buyers are placing orders against the bearish market. The Relative Strength Index of the market is still showing EURCHF in buyers’ influence and the Moving Average Crossing is also trailing buyers’ flow up to the 1.06060 price zone.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.