EURCHF Price Closes With Bearish Sentiment

EURCHF Analysis – The Bears Remain in Favor

EURCHF price closes with bearish sentiment owing to the sell opportunities available. The sellers have kept their hopes alive throughout the month. Following the Moving Average crossover of days 9 and 21, this gave a strong indication of an impending sell-off. Before that, the market had been consolidating above the key level of 0.97460. But, the sellers managed to gain the upper hand. Since then, the EURCHF has experienced a continuous downpour of price.

EURCHF Market Levels

Resistance Levels: 1.00460, 0.98620
Support Levels: 0.96780, 0.96450

This week, the bears made a strong charge by breaking below the 0.96540 supply level. The buyers attempted to counter this by pushing back in. However, the sellers proved to be too strong for them, and EURCHF ended up closing the week below the 0.96540 key zone. As a result of this week’s bearish close, traders should actively look out for more selling opportunities in the market.
With EURCHF currently below the key level of 0.96540, more selling opportunities will likely present themselves in the coming days and weeks. Therefore, traders should be prepared to take advantage of these opportunities. They are to actively look out for them. Additionally, they should also be mindful of the fact that the market is always subject to change. This means that any new developments could potentially alter the existing price dynamics.

Market Expectation

The EURCHF currency pair is experiencing strong bearish sentiment at the moment. Sellers are ready to put in a fight, as the current pullback is an indication of a potential selloff in the coming week. Analysts have been closely monitoring the 4-hour chart for the EURCHF. It is observed that the MACD (Moving Average Convergence and Divergence) indicator is trending lower. This provides further evidence of bearish strength in the market. The moving average is also crossing lower, indicating the possibility of a selloff.

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