Forex Trading: EURCHF Bounced at $1.134 to Continues Its Bullish Trend

Forex Trading: EURCHF Bounced at $1.134 to Continues Its Bullish Trend
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EURCHF Price Analysis – May 01

The bullish trend may likely continue on the EURCHF market after today’s pullback in case the Bulls gain more momentum to propel the pair towards $1.149. Should the Bears defend $1.141 level the bears may push the price towards $1.134.

EUR/CHF Market

Key levels:

Resistance levels: $1.141, $1.149, $1.157
Support levels: $1.134, $1.126, $1.116

 

EURCHF Long-term trend: Bullish

EURCHF continue its bullish movement on the long-term outlook. The EURCHF price was placed above the $1.141 price level last week, on April 23. The following day, the price retracement was carried out and the Bears pushed the currency pair down to test the demand level of $1.134 with the formation of strong bearish candles. Morning star Doji candle was formed at the level; this is a bullish reversal candle pattern. The currency pair resumed its bullish trend on April 29 and it has penetrated the previous high. Today, a daily bearish candle emerged which serve as a pullback in the EURCHF market.

EURCHF Daily chart, May 01

EURCHF is trading above the 21 periods EMA and 50 periods EMA as a sign of a bullish trend. The distance between the currency pair and the two EMAs are widening. The Relative Strength Index period 14 is below 60 levels and the signal lines bending down to indicate sell signal which may be today’s pullback. The bullish trend may likely continue on the EURCHF market after today’s pullback in case the Bulls gain more momentum to propel the pair towards $1.149. Should the Bears defend $1.141 level the bears may push the price towards $1.134.

EURCHF medium-term Trend: Bearish

EURCHF is going bearish on the medium-term outlook. The Bullish momentum has pushed the currency pair to touch the drawn trend line twice and bounced back. Today, the bearish engulfing candle pattern emerged at the trend line drawn; this triggered the bearish trend that the market is experiencing currently.

EURCHF 4-hour chart, May 01

The price is currently in-between the 21 periods EMA and 50 periods EMA. The Relative strength Index period 14 is at 50 levels with the signal line point down which connotes sell.

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About AzeezMustaph

Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management