EURCHF Bears’ Latest Stop Is at the 1.04010 Significant Level

EURCHF Analysis – Significant Level 1.04010 Is the Bears’ Latest Market Stop

EURCHF bears’ latest stop is at the 1.04010 significant level. The market has been strongly bearish, notably since the 17th of September. Moreover, EURCHF has successfully navigated itself through all the significant levels. It took a bit of stalling to get past some levels, while it dashed through other key levels. The price has now dropped to the significant level of 1.04010. The last time the market trod this level was in July 2015.

EURCHF Significant Levels

Resistance Levels: 1.11130, 1.08760, 1.09330
Support Levels: 1.04010, 1.05300, 1.06070
EURCHF strong downtrend movement is seemingly a continuation of what has begun historically. Price can be seen to have embarked on a strong market dip from May 2018 to May 2020, defiling and sidestepping every bullish endeavor as the market broke through several important levels. This led to an astonishing 12.30% price drop. It wasn’t until the 1.05300 significant level that the price was pushed up to a consolidation movement that allowed the market to be bullish.

The bullish influence is what led to a surge in the price in 2021 to the 1.11130 resistance level. And this is the highest price that will be reached before the bears retake control of the market. From there, it has been all south for the market. Not even a bullish interception at 1.06980 could derail the bears. After 9 months of continuous plummeting, bulls are looking again for a reversal level for the market. The latest stop is at 1.04010.

Market Anticipation

On the 4-hour chart, the candlesticks can be seen tapering between the upper border of the descending channel and the 1.04010 significant level, which shows some restrictions at that level. The Parabolic SAR (Stop and Reverse) switches its dots below the candles at that point to show some upward movement.

However, EURCHF is now reacting precisely along the line where the Parabolic SAR has switched back upwards. This suggests that there is more bearishness to come. The MA (Moving Average) period 20 remains firmly above the 4-hour candlesticks.

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