EURCHF Analysis – Sellers Head Towards
EURCHF clings on to bearish The market is proving to be a bearish playground this week as the sellers keep pushing the price further down. The market has dropped to the 0.97290 level, which is not surprising after the quick buying rise last week. Despite the buyer’s attempts to intercept the market by engulfing the previous selling candlestick, the sellers were able to penetrate further into the market. The selling activity has been particularly strong since the price hurdled at the 0.99600 level.
EURCHF Significant Levels
Resistance Levels: 0.99600, 0.98550
Support Levels: 0.97290, 0.96450
The bearish trend has been consistent since April, and there have been no signs of a golden cross from the Moving Average indicator. This is a bearish signal, as it indicates that the market is likely to remain in a downtrend. This is a worrying sign for traders and investors who are hoping for a bullish trend.
What makes this bearish market even more concerning is the fact that the buyers are not able to make any headway against the sellers. It seems that the sellers have the upper hand and are in control of the market. This could mean that the bearish trend could continue for a while.
Market Expectation
This bearish trend could continue in the coming days, so traders should be cautious when placing trades and make sure to set stop-losses in case the market turns against them. At the same time, traders should also look out for signs of a potential reversal in the market. If the Moving Average indicator shows a golden cross, then it could be an indication that the bearish trend has ended and the market is about to start a new bullish cycle. Although price momentum has declined as we speak, traders should still anticipate a buildup below the 0.97290 key level.
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