EURCHF Bulls Make a Surprise Attack

EURCHF Analysis – The Bulls Are Open for a More Massive Breakout

EURCHF bulls make a surprise attack above the 0.99520 key zone. The bulls are now marching forward with strong momentum. Despite being quiet for a while, the market has decided to act on price trends. The currency pair showed bullish strength at the start of this week. The euro market was seen to be strengthening, resulting in a price breakout. With the buyers extending their buy orders above the 0.99520 key zone, sellers are now looking ahead for a pullback. Bear traders are more likely to allow a price retracement to reach an order level before bullish strength continues to ignite.

EURCHF Significant Levels

Resistance Levels: 1.05300, 1.02460

Support Levels: 0.99520, 0.97390

The bulls are claiming that they are regaining strength following the bearish demonstration on the EURCHF key zone. After a period of consolidation below the key level of 1.05300, sell traders began to pitch their selling tendencies lower. The moving average crossed, indicating that selling pressure is beginning to emerge at this point in June 2022. From this point, prices began to descend in the market. The bulls changed the price trend upon a bearish demonstration down to the 0.95110 key zone.

The buyers picked up price orders at this key level and eventually extended above the 0.97390 key zone. The bulls finally break above the 0.99520 key zone after a series of price accumulations at this level. The Parabolic SAR (Stop and Reversal) indicator is engaging forward as buying strength increases. The RSI (Relative Strength Index) systematically shows prices signaling a reduction in buying power as sellers are hoping for a pullback.

Market Expectation

On the 4-hour chart, the price has currently changed from a buying tendency to a retracement as we speak. This implies that traders should patiently wait for a price retest before entering a buy signal. The bulls are still excited to push beyond the 1.02460 key zone.

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