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EURCHF Analysis – December 6
The EURCHF market is on the verge of a price breakout after it fills up its bullish triangle pattern. The market has dropped to a very low price in recent times. However, it has been equally allowed to recover itself. The buyers have taken the opportunity with both hands, though. The price has risen through all the levels, even the difficult ones, to reach 0.98410. The market is about to break out from here.
EURCHF Key Levels
Resistance Levels: 1.03270, 0.99760
Support Levels: 0.97200, 096140
EURCHF Long-Term Trend: Bullish
An inverted head-and-shoulders bullish formation was enough to give the market a new outlook. This was required after the price had been severely depreciated from June to October. Using the bullish formation, the market recovered itself and rose to the strong key level of 0.98410. EURCHF then forms an ascending triangle to ping the price past the resistance.
This bullish structure is now mature, and the price is on the verge of a breakout that will set the market free to explore higher heights. Since the price began its recovery from the record low in September, the EFI (Elders Force Index) power line has been predominantly at a positive value to indicate the dominance of the buyers.
EURCHF Short-Term Trend: Bullish
The EFI on the 4-hour chart can also be seen holding above the zero level in a show of control for the buyers both in the long and short time frames. The MA Cross (Moving Average) has made a golden cross to the upside as the market prepares to break out of the triangle structure. The upward MA cross is much more evident on the daily 4-hour chart. The EURCHF is expected to break out shortly and then continue its stride upward towards 1.03270.
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