Euro Rally

EURCHF Technical Analysis 01 November, 2021

• EURCHF broke support zone
• Likely to fall to support level 1.050

EURCHF currency pair continues to fall after the price broke the support zone lying between the pivotal support level 1.0627 and the support trendline of the daily down channel from the start of March. The breakout of this support zone accelerated the active short-term impulse wave 3 – which belongs to the higher order downward impulse wave (3) from the middle of September.

Given the strong daily downtrend and the rising bearish euro sentiment as seen across the global FX markets, EURCHF currency pair can be expected to fall further toward the next support level 1.050 (target price for the completion of the active short-term impulse wave 3).

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