EURCHF Buyers Begin to Reclaim Lost Strength 

EURCHF Analysis – The Buy Traders Are Set to Swing Back

EURCHF buyers begin to reclaim lost strength as the price builds back to the 0.98900 significant point. The market trend has been characterized by the bears breaking down from the trend line to the 0.98500 key zone, followed by the gradual dominance of the bulls. This dominance led to the formation of a symmetric triangular pattern, which has been the trend until April. However, the sellers have started to force a breakout in the market, leading to a price breakout from the symmetry triangle.

EURCHF Key Levels 

Resistance Levels: 0.99700, 1.00600
Support Levels: 0.91000, 0.98500

The recent bear market has caused buyers to become more alert. In response, traders are preparing for a potential pullback. However, sellers are still looking to cause heavy penetration on the daily chart. Despite a quick hit and run by sellers, they were rejected near the 0.98500 key zone, resulting in a wick candlestick formation. While the bulls are currently playing in, sellers are still hoping to penetrate deeper.
The market remains uncertain as buyers and sellers continue to make moves. The rejection near the key zone suggests that there may still be support for the bulls, but it remains to be seen whether sellers will be able to break through. As always, traders must remain vigilant and make smart decisions based on the latest market trends.

Market Expectations 

The bulls are checking in with a solid strike against selling progress in the market. The next available order level to be traded to is the 0.98900 significant point in the market. The buyers are aware of this order block, and they hope to push higher before any hijack by selling force. The stochastic indicator is oscillating down in the negative section, this indicating a strong oversold presence. This shows that buyers can still push higher before we see another slide down to the 0.985000 key zone.

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