EURCHF Analysis – Bullish Flow Is Already Set in Motion
EURCHF bullish flow cracks above the 0.97580 key zone. The pair has taken a bullish turn over the past few weeks, driven by strong buying pressure from the bulls. This has pushed the pair above the 0.97580 key zone, which has been a major point of contention for the market, with sellers dominating the market before this. The buying pressure has been strong enough to break through this key zone, and the bulls have been able to capitalize on this opportunity.
EURCHF Key Levels
Resistance Levels: 0.9862, 1.0000
Support Levels: 0.97580, 0.96730
The EURCHF pair has been range-bound under the 0.97580 key zone for some time now, as sellers have made a strong swing lower in the market. This came as buyers had failed to make a solid swing above the parity level since the beginning of the year. However, sellers could not continue to hold back, and the buying pressure was enough to drive the price close to the 0.96730 support level. The current bullish trend of the EURCHF pair has created many buying opportunities for investors and traders.
The recent bullish flow beyond the 0.97580 price level has been met with a false entry as the price retested the 0.97580 key zone. However, this retest is seen as a confirmation of the bullish market. The Parabolic SAR (Stop and Reverse) indicator is also indicating a bullish flow despite the sellers’ penetration. This is a strong indication that the bulls are ready to fight their way back up to the 0.98620 key zone.
Market Expectation
The bullish flow is expected to take a stronghold of the market as the buyers show an increase in confidence. The buyers’ confidence is further bolstered by the fact that the sellers have been unable to penetrate the 0.97580 key zone. If the bulls manage to push the price back up to the 0.98620 key zone, it could be a sign of a longer-term bullish trend.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
Leave a Reply