EURCHF Price Seeks a Break Back to the 0.98810 Significant Level

EURCHF Analysis – Sellers Are Still Set to Penetrate Lower

EURCHF price seeks a break back to the 0.98810 significant level. The selling activity has been strong since the start of the week, with the price plunging below the key level. The bears have been in control, pushing the price down toward the descending trend line. Despite the buyers’ attempts to fight back, the currency pair has been trading in a descending manner all through the first quarter of the year.

EURCHF Key Levels

Resistance Levels: 1.05200, 1.02010
Support Levels: 0.98810, 0.96700

As the new week unfolds, it is likely to open with a pullback to the 0.98810 significant points before the selling action resumes in the market. Therefore, the bulls will be looking for an opportunity to take advantage of the pullback movement and push the price back up to the 0.98810 level. However, it is important to note that the bears still have the upper hand, and they may take advantage of any pullback movement to resume their selling activity and push the price lower down to the descending trend line.

The EURCHF pair is currently in a critical position, as traders will be keeping a close eye on market movements. If the bulls manage to break back to the 0.98810 level, then it could be an indication that the buyers have taken control of the market and the price could move higher. On the other hand, if the bears manage to push the price below the 0.98810 level, then it would be a clear sign that the selling activity will continue and the price could move lower down to the descending trend line.

Market Expectations

Overall, the current situation of the EURCHF price requires careful observation and analysis. Currently, as we speak, the Parabolic SAR (Stop and Reverse) indicator has formed a major trend along with the selling buildup in the market. The Stochastic Oscillator indicator is presumed to be in an oversold region as buyers now fight back. The sellers may appear to be on a break, but that doesn’t mean they are out of pace to change price trends. EURCHF traders should therefore be aware of a price pullback and selling continuation in the coming days.

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