EURCHF Witnesses a Pullback as Sellers Regain Impetus

EURCHF Analysis – Sellers Make a Resurgence

EURCHF witnesses a pullback as sellers regain impetus. The price has undergone a retreat as buyers failed to overcome the resistance at 0.96280. Sellers have stepped in, preventing the price from making further progress at this time. Despite the selling pressure, the bulls have managed to hold their ground.

EURCHF Market Levels

Resistance Levels: 0.98680, 0.96790
Support Levels: 0.975720, 0.96280

However, as the week draws to a close, buyers have been unable to extend their momentum. Nonetheless, it is important to note that the bulls are still present and not out of the picture just yet. The current pullback necessitates a stronger push from buyers to break through.

Throughout the previous months, the bears have been the driving force in the EURCHF market. Selling pressure dominated as the price broke through the key levels, including 0.97560 and 0.96280. In response, buyers entered the picture, challenging the bearish trend at the 0.95410 level. Despite their efforts, sellers continue to resist and impose their influence on the market. The bulls have been held back due to the selling pressure.

Taking a closer look at the technical indicators, the MACD (Moving Average Convergence and Divergence) signals a positive indication for bullish momentum. Also, the Moving Averages of 9 and 21 days are on the verge of forming a golden cross. This suggests that buyers still maintain control of the market.

Market Expectation

On the 4-hour chart, sellers are exhibiting their strength. However, the race is not yet over. The bulls must strengthen their resolve to resume their upward journey.

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