EURCHF Analysis – December 13
EURCHF takes advantage of the bullish order block resting at 0.9710. The market changed direction from bearish to bullish in September. The market dived into an oversold region, which prompted a market reversal.
EURCHF Major Levels
Demand Levels: 0.9800, 0.9710, 0.9640
Supply Levels: 0.9900, 0.9950, 1.0040
A double-bottom reversal pattern seemed to halt the bearish market structure in August. The double bottom’s neckline failed to hold as the price sank deeper. A shift in the market structure eventually played out in October. Three white soldiers moved from the September lows to 0.9800. A bullish order block was left unmitigated in September.
The August highs were swept away by bullish impulsive moves. A second wave of the bullish move left an order block in October. EURCHF has dived to make use of the bullish order block as support.
EURCHF Short-Term Trend: Bullish
EURCHF is set for a breakout from the symmetrical triangle. The Stochastic is showing the market is just leaving the overbought region. This might lead to a fall in price. The upper Bollinger Band is also resisting further upward movement. The market is likely to dash to the 0.980 major level.
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