Hello Traders,
The EURCHF may be ready to pull-back. I anticipate a dovish tone at the upcoming ECB Monetary Policy Statement that may be the catalyst to cause a pull-back in the Euro. It is also possible this may cause some traders to take profits on their recent gains.
From a technical viewpoint, the pair has hit a relatively strong resistance point on the 1W. The price just bounced off the 50-EMA on the 1W as well. On the 8H, Bearish Divergence is forming on the MACD Price Chart and RSI is in Overbought territory. On a short-term basis (1M), Hidden Bearish Divergence is forming on the MACD/Price Chart which may be a signal of an ongoing pull-back.
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*
The EURCHF may be ready to pull-back. I anticipate a dovish tone at the upcoming ECB Monetary Policy Statement that may be the catalyst to cause a pull-back in the Euro. It is also possible this may cause some traders to take profits on their recent gains.
From a technical viewpoint, the pair has hit a relatively strong resistance point on the 1W. The price just bounced off the 50-EMA on the 1W as well. On the 8H, Bearish Divergence is forming on the MACD Price Chart and RSI is in Overbought territory. On a short-term basis (1M), Hidden Bearish Divergence is forming on the MACD/Price Chart which may be a signal of an ongoing pull-back.
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*