Market Analysis – April 18
The EURCHF market structure has remained bearish since the formation of the swing high of 1.0090 in January. Multiple swing lows have assembled in an orderly manner to form lower highs.
EURCHF Key Levels
Demand Levels: 0.9820, 0.9720, 0.9700
Supply Levels: 0.9970, 1.0060, 1.0090
EURCHF Long-term Trend: Bearish
The market established its current downtrend with the break of the ascending trendline that aided the market’s ascent from November to January. The month of March opened with a test of the bearish trendline when the Stochastic indicated an overbought market. The Parabolic SAR (Stop and Reverse) formed points above the 24-hour candles afterward to indicate the downward direction.
The last test of the descending trendline was witnessed in April. The Stochastic indicated the market was overbought. After the appearance of the Parabolic (Stop and Reverse) points, the price started to decline. The last test of the bearish trendline formed a double-top chart pattern at 0.9970, which was an early signal of a reversal in the short-term ascent for a continuation of the long-term descent in the market.
EURCHF Short-term Trend: Bearish
The fall in the price of EURCHF remained unhindered until the demand level of 0.9820 was tested. The Stochastic is oversold on the daily time frame. On the 4-hour chart, the Stochastic has swerved away from the oversold region to aim for the overbought region. This is a signal for a pullback in price. The market is expected to retrace to the bullish order block above 0.9910.
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