Technical Analysis – EURCHF ticks up after strong losses
April 16, 2024 10:27 am
EURCHF remains beneath uptrend line
MACD and RSI momentum weakens
EURCHF is recovering some losses after the bearish gap that opened on Monday, remaining beneath the steep rising trend line. The pair may be ready for a bearish correction, mirrored by the technical oscillators. The RSI is flattening beneath the neutral threshold of 50, while the MACD is standing beneath its trigger line in the positive region.
More losses could send the pair until the 50-day simple moving average (SMA) at 0.9640 ahead of the 0.9630 support. Below that, the 200-day SMA around the 0.9560 barricade may halt bearish actions.
In the positive scenario, a rebound off 0.9685 could drive the price higher again towards the 20-day SMA at 0.9745. A climb above the diagonal line could send the market back above the almost one-year high of 0.9847.
In a nutshell, EURCHF is bearish in the very short-term view; however,the bigger outlook is still positive as it stands above the 200-day SMA.
EURCHF remains beneath uptrend line
MACD and RSI momentum weakens
EURCHF is recovering some losses after the bearish gap that opened on Monday, remaining beneath the steep rising trend line. The pair may be ready for a bearish correction, mirrored by the technical oscillators. The RSI is flattening beneath the neutral threshold of 50, while the MACD is standing beneath its trigger line in the positive region.
More losses could send the pair until the 50-day simple moving average (SMA) at 0.9640 ahead of the 0.9630 support. Below that, the 200-day SMA around the 0.9560 barricade may halt bearish actions.
In the positive scenario, a rebound off 0.9685 could drive the price higher again towards the 20-day SMA at 0.9745. A climb above the diagonal line could send the market back above the almost one-year high of 0.9847.
In a nutshell, EURCHF is bearish in the very short-term view; however, the bigger outlook is still positive as it stands above the 200-day SMA.
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