EURCHF Is Gaining Bearish Strength as the Price Rebounds to a Significant Level

EURCHF Analysis: The Market Gains Bearish Strength as Prices Rebound to the 1.02560 Significant Level

EURCHF is gaining bearish strength as the price rebounds to the 1.02560 significant level. The market is currently under a bearish impact. The bullish strength is less effective in the market. Since the bulls failed to break through the 1.06180 critical level, the selling investors saw an opportunity to sell their profits in the market. The bearish orientation continued from the significant level of 1.06180. The bears are expected to continue going short as market strength increases.

EURCHF Significant Levels:

Resistance Levels: 1.11370,1.09420
Support Levels: 1.06180, 1.02560
The bearish exposure unfolded when the price initially arrived at the 1.11370 resistance level. The buyers were the ones who picked the price momentarily. Before the buyers first broke through the resistance level of 1.09420, the Moving Average crossed over the MACD (Moving Average Convergence and Divergence) indicator, which opened a wide gap in the market till the bullish signal expired at the 1.113 70 resistance zone.

Following the short era of the bullish display, the bearish impact came into play. The bears started their ride fully when the price first broke through the 1.09420 significant level. The market continued to ride downward, with the moving average crossing acting as a resistance trendline on the EURCHF market. When the price got to the 1.06180 level, the buyers failed to get the price to crack through above it. However, the bearish impact continued. Presently, the EURCHF market has broken through the 1.02560 support level, and the market is still ready to plunge downward.

Market Prospect

The 4-hour chart also shows the bearish strength in the market. Since the price failed to rise above the 1.06180 level, a downward movement took place instead. The bears broke through the 1.02560 support and also made a rebound at this level. As a result of the price retesting the 1.02560 significant level, the bearish impact is expected to continue in the market.

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.