EURCHF Bulls Are Ready to Raise Buying Pressure

EURCHF Analysis – Selling pressure to the 1.07750 key zone confirms the bullish trend

EURCHF bulls are ready to ignite buying strength following the price retracement back to the 1.07750 key zone. Following bullish solidity beyond the 1.07750 key zone, the buy traders appeared to have lost little momentum on the run. As a result, sellers have an advantage as the price returns to the 1.07750 key level. Traders now have the confirmation to enter a buying set up as a consequence of the price retracement. At this junction, the bulls are gathering their lost momentum to continue their journey to new ground. Buying strength is therefore still set to progress on the daily chart.

EURCHF Key Zones

Resistance Zones: 1.11500, 1.07750
Support Zones: 0.96959, 1.00090

The bulls are ecstatic to break new ground that has long been reacted to. The buy traders are currently aiming toward the six-month-old high of the 1.11500 key zone. This level hasn’t been triggered in a long time. The sellers displayed a heavy trend from this key zone back to May 2022. The bearish strength at that point grew, allowing for more penetration of the EURCHF price. The candlestick continues to trade lower inside the descending trend channel. Nevertheless, buying momentum eventually overcame bearish vigor as the price rallied down to the 0.96950 key zone.
From the significant 0.96950 level, the buyers have been charging forward. As a result, we expect more gains until the 1.11500 key zone is broken and reacted to the Parabolic SAR (Stop and Reverse) indicator is still charging forward as the bull market continues to play out.

Market Expectation

The Bollinger Band indicator is currently being manipulated above the 1.07750 key level. Nevertheless, traders should still expect a major spike as buying momentum will soon build up on lower time frames as well. The bulls are therefore aiming back to the 1.11500 key zone.

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