EURCHF – Sentiment Turns Bullish
Last week saw investor demand for EURCHF continue the rise from last year’s low point. But the key element was that buying interest accelerated – creating a 4th up week in a row and, more importantly, breaking above the 21 week moving average.
That positive break confirms the ‘golden’ cross already provided in the EURCHF RSI signals that was given the previous week.
EURCHF sentiment turned bearish last May with the market unable to break above the pair of averages, together, during that time. Twice since that May signal, EURCHF traded more than 5 1/2 big figures lower.
But sentiment is now assessed as bullish and although an early move above October’s 1.1505 high (our first EURCHF target) is needed to confirm an end to a sequence of lower weekly highs.
Once above that point, sentiment is exposed to 1.1559 and 1.1607.
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