EURCHF Analysis: Market Continues the Bearish Institutional Order Flow
EURCHF continues the bearish institutional order flow after a bullish shift in market structure. On the daily period, there is a downward order flow. In June, the market was overbought. The market crashed as a result.
EURCHF Key Levels
Resistance Level: 0.980, 0.970
Support Level: 0.960, 0.950
On July 5th, there was a disruption in the market structure. A fair value gap was established by the bearish displacement. After that, the market established a range. The following break of structure (BOS) took place on July 26. The bears were so dominant that the market fell by almost 133 pips. The low that was formed on July 13th was passed. A fair value gap was formed by the bearish displacement, and it was eventually closed on September 1st. On August 12th, there was one final market structure break before the change of character (CHoCH). On August 17, the fair value gap that the bearish impulse had left was closed. the peak created by closing the gap.
A rejection candle formed on the 2nd of September. EURCHF Continues the bearish institutional order flow after the rejection was formed. The market was already overbought on the first of September. This caused the bears to storm the market at 0.980. A new bearish channel led the market to a demand level of 0.950.
Market Expectation
The market rose from the support level at 0.950 to a bearish order block at 0.960 on the four-hour chart. The market is oversold, according to the Stochastic. To sweep 0.950, the market is anticipated to resume its downward direction.
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