Market Analysis – May 20
EURCHF bulls have just overcome a major hurdle that has delayed the market ascent beyond 0.9840 for over a month. After three attempts, the bulls successfully enforced a breakout towards 1.0000.
Key Levels for EURCHF
Supply Levels: 0.9840, 1.0000, 1.0080
Demand Levels: 0.9700, 0.9560, 0.9470
EURCHF Long-Term Trend: Bullish
EURCHF price steadily swept through the supply zone since the bullish reversal was established at 0.9470. The Hull Butterfly Indicator hue turned green just as the daily candles aligned above the Williams Alligator to signal a bullish ascent.
The ascent beyond the supply zone of 0.9840 it was heavily defended by sellers. Upon a test
of the resistance region, the market dipped to 0.9560. The heavy shorting at the supply zone was not sufficient to establish a reversal. The market recovered quickly as the daily candles rose above the Williams Alligator in a flash.
EURCHF Short-Term Trend: Bullish
The Hull Butterfly Indicator shows a bullish momentum on the 4-hour chart. This correlates perfectly with the daily chart. The market is currently racing to the long-anticipated resistance zone of 1.0000.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Leave a Reply