Euro / Franc SwissDiupdate EURCHF on a bearish bias 🦐
Firstly, the long-term downtrend is evident in the price action, and the break below the parity level is a strong indication of a bearish sentiment. After the break below 1.0000, the price retraced to the 1.0100 area for a retest, which was expected as per the technical analysis principles.
However, after the retest, the price started to form a series of lower lows and lower highs, which is a typical pattern of a downtrend. The price has been steadily declining, and it is currently testing the 0.98 zone, which is a crucial level of support.
The fact that the price is testing the support zone over a daily timeframe indicates that the bears are still in control of the market. If the price breaks below the 0.98 support zone, it could trigger a further downtrend continuation, and a short order could be a profitable trade.
According to Plancton's strategy, if the price breaks below the 0.98 support zone, it is an excellent opportunity to set a short order according to the MTB rules.
However, after the retest, the price started to form a series of lower lows and lower highs, which is a typical pattern of a downtrend. The price has been steadily declining, and it is currently testing the 0.98 zone, which is a crucial level of support.
The fact that the price is testing the support zone over a daily timeframe indicates that the bears are still in control of the market. If the price breaks below the 0.98 support zone, it could trigger a further downtrend continuation, and a short order could be a profitable trade.
According to Plancton's strategy, if the price breaks below the 0.98 support zone, it is an excellent opportunity to set a short order according to the MTB rules.
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