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EURCHF Resumed Bearish Trend After a Pullback, Targeting $1.116

EURCHF Price Analysis – May 29

The currency pair is targeting the previous low at $1.116 demand level and this requires an increase in the Bears’ momentum. In case the $1.126 level holds the price may bounce and reverse to the north side.

EUR/CHF Market

Key levels:

Resistance levels: $1.126, $1.134, $1.141
Support levels: $1.116, $1.108, $1.098

 

EURCHF Long-term trend: Bearish

EURCHF continues its bearish trend on the long-term outlook. The Bears maintain their momentum on the daily chart. The daily candle formed on May 22 closed below the $1.126, the bearish candle emerged the following day pushed the price towards $1.116 price level. On May 24, there was a price pullback by the Bulls; the price retested the broken level of $1.126. As at the moment, the EURCHF price has resumed its bearish trend.

EURCHF Daily chart, May 29

EURCHF price maintains its position, trading under the 21 period EMA and 50 periods EMA. The 21 periods EMA has crossed the 50 periods EMA downside as the bearish trend confirmation. The Relative Strength Index period 14 is above 30 levels and the signal level bending down to indicate sell signal and a further decrease in EURCHF. The currency pair is targeting the previous low at $1.116 demand level and this requires an increase in the Bears’ momentum. In case the $1.126 level holds the price may bounce and reverse to the north side.

EURCHF medium-term Trend: Bearish

On the medium-term outlook, EURCHF remains bearish. EURCHF price is still under the control of the Bears. After the bearish candle that broke down the $1.126 level on May 22, the price dropped towards the $1.116 level but could not reach the mark. Inability to reach the demand level was due to the interruption of the Bulls that pushed up the price to form a cup with handle shape twice.

EURCHF 4-hour chart, May 29

EURCHF is trading under the 21 periods EMA and 50 periods EMA. The Relative Strength Index is at 40 levels and the signal lines pointing down to indicate sell signal.

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