EURCHF Buyers Strengthen Defense at 0.96400 as Recovery Continues
EURCHF buyers aim to recover gains at the 0.96400 support level. The buyers return to the market to bolster their strength and push back against the recent pullbacks. The Euro market has been the stronger force since mid-June. However, the buyers showed significant weakness from the 0.99310 key level, which was very close to the parity level.
EURCHF Market Zones
Resistance Zones: 0.99310, 0.99700
Support Zones: 0.94770, 0.92080
The EURCHF price pulled back to the 0.94770 significant area before the buyers finally took control. Since June, the bullish strength has made significant progress, arriving at the 0.97700 key area. Just this week, the sell-side traders attempted to drag the price lower. However, the buyers are currently recovering once again, determined to defend their ground.
The MACD (Moving Average Convergence and Divergence) indicator remains in the positive section, indicating the buyers’ strength. The Money Flow Index signal line is also reacting to the buy sentiment, further reinforcing the buyers’ position.
Market Expectation
On the 4-hour chart timeframe, the buyers are staging a recovery and playing their cards right. Despite the recent setback, they are determined to fight back and regain control of the EURCHF market.
The Money Flow Index is recovering as buyers show increased interest, and the MACD still maintains a significant push in the EURCHF market. This suggests that the buyers are committed to consolidating their gains at the 0.96400 support level and potentially pushing the pair higher, aligning with the latest forex signals.
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