EURCHF Analysis – Bulls Are Ready to Hijack the Price With an Upsurge
EURCHF Bulls are ready to recapture the market with an upsurge beyond 1.03270. The price has completed its last cycle of undulating at the tip of its symmetrical triangle structure, and the currency pair is now ready to break out and surge upwards, highlighting bullish reinvigoration. Currently, the price has violated the confluence of the upper border of the triangle and the 1.03270 resistance level.
EURCHF Major Levels
Resistance Levels:1.06070, 1.04010,
Support Levels: 1.03270, 1.01010
Market buyers had earlier succumbed to the influence of the bears after they had tried unsuccessfully to re-attain the price level of 1.06070. Hence, the currency pair slipped downward utilizing a descending channel. However, the market structure began to take shape for bullish reinvigoration. The price kept making higher lows with corresponding lower highs. This eventually triggers a strong uptrend.
EURCHF has now popped out of the triangle structure and is set for more upward movement. A retest of the 1.03270 key level or the upper border of the triangle structure will confirm the market’s bullish intent. The RSI (Relative Strength Index) line is very close to the overbought zone, which means a retracement could be experienced before a further upsurge.
Market Expectations
On the 4-hour chart, the price is seen to bounce off the lower frame of the triangle and shoot upwards past the confluence of the upper frame and the 1.03270 key level. A sharp retracement has already occurred on the 4-hour chart, in which the wick of a candle tested the border of the triangle. Nevertheless, the fixed position of the Parabolic SAR (Stop and Reverse) dots suggests strong bullishness and the price will aim for 1.06070.
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