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EURCHF Analysis – Sellers Could Regain Control Next Week
EURCHF traders are closing their trade with bullish gains, but market dominance is still lacking from the bulls. Instead, the price has been in a bearish trend. After a period of consolidation, the ongoing situation in EURCHF suggests a pullback in price due to selling pressure. The bearish trend started after the market broke free from consolidation above the 0.98700 level. Since then, bears have been active as the price continues to decline.
EURCHF Market Levels
Resistance Levels: 1.00510, 0.97500
Support Levels: 0.96610, 0.95140
Despite the bearish tendency, buyers have remained resilient. Last month, the price dropped below the 0.96610 level as buyers attempted to establish resistance. However, the currency pair remains on a descending trendline. Sellers have been unable to break through the market strength at 0.95410. Although buyers were also pulling strings in the market.
As the week comes to a close, buyers are seen closing up their positions. A temporary easing of bearish pressure is expected next week due to the buying attraction at the 0.95410 level. The Stochastic Oscillator on the daily chart suggests a buying option for now. However, sellers are still eying a potential breakout to the downside as the trade progresses.
Market Expectation
On the 4-hour chart, the bulls are gaining strength, which may be considered a pullback in the market. However, selling pressure is still expected to intensify in the upcoming days. EURCHF Traders looking for bearish opportunities should key into the flow.
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