EURCHF Analysis – The Bears Are Pulling Strings in the Market
EURCHF bulls struggle to push further in the market. The market has been in a state of fluctuation for the last few months. After breaking above the 0.97540 market level in March, buyers had an initial moment of momentum, but it has since faded and the sellers have taken control.
The sellers have been highly impactful, pushing the market lower and closing out seller liquidity. The bears were able to penetrate the 0.97540 key level and push EURCHF down to the 0.968860 support zone.
EURCHF Key Levels
Resistance Key Levels: 1.02050, 0.98570
Support Levels: 0.97540, 0.96860
Recent technical analysis of the EURCHF pair shows that the bears are still in control, as the pair has failed to break above the 0.98570 key level. This indicates that the sellers are likely to remain in control, and the EURCHF could remain in a bearish trend soon.
In order to confirm the bearish outlook for the EURCHF, traders should watch for a break above the 0.98570 key level, which would indicate that the buyers have regained control of the market. On the other hand, if the pair fails to break above this level, it could indicate that the sellers are still in control and the EURCHF could continue to be range bound.
Traders should also pay attention to the 0.97540 key level, as this could act as a support level if the bearish trend continues. If the pair falls below this level, it could signal a further move down in the market, and traders should be prepared to adjust their trading strategies accordingly.
Market Expectation
The buyers made a successful attempt to break through the 0.97540 key level. However, above this key zone, the buy traders are struggling to propel further in the short time frame. Although the struggle may appear to hold for now, nevertheless, the price will continue to rise in the days to come.
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