EURCHF currency pair can be expected to rise to the next resistance level 0.9350, top of the previous minor correction ii.
- EURCHF reversed from strong support area
- Likely to rise to resistance level 0.9350
EURCHF currency pair recently reversed up from the strong support area located between the long-term support level 0.9200 (which has been reversing the price from August, as can be seen from the daily EURCHF chart below) and the lower daily Bollinger Band. The upward reversal form this support area created the daily Japanese candlesticks reversal pattern long legged Doiji, which stopped the previous short-term impulse wave i, which belongs to the impulse wave 3 of the sharp downward impulse wave (C) from the start of March.
Given the strength of the support level 0.9200 and the bullish sterling euro sentiment across the FX markets today, EURCHF currency pair can be expected to rise to the next resistance level 0.9350, top of the previous minor correction ii.
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