Starting from mid-April, the common European currency remained stable against the Swiss Franc for several weeks. This lack of direction change swiftly on May 14 when bears pushed the rate 3.07% lower down to the 1.60 mark which was tested at the time of this analysis.
This price decline has been bounded in a steep descending channel within a larger-scale pattern. The latter surrender today, thus allowing the Euro to test the bottom junior line at 1.60.
Technical indicators on the 1H, 4H and 1D time-frames are located in the oversold territory. This demonstrates that the pair should soon enter a period of appreciation within the following two weeks, at least. This would send the pair back into the senior pattern and towards 1.1820 where the monthly S1 and the 200-hour SMA are located.
This price decline has been bounded in a steep descending channel within a larger-scale pattern. The latter surrender today, thus allowing the Euro to test the bottom junior line at 1.60.
Technical indicators on the 1H, 4H and 1D time-frames are located in the oversold territory. This demonstrates that the pair should soon enter a period of appreciation within the following two weeks, at least. This would send the pair back into the senior pattern and towards 1.1820 where the monthly S1 and the 200-hour SMA are located.