EURCHF - The Bears are in control eyeing more decline

The EURCHF currency pair on the 4 Hours Chart has been in a downtrend since 28 October 2019 when it registered the high price at 1.10586. Subsequently, the price displayed a series of lower tops and lower bottoms. On 31 October 2019, the EURCHF currency pair recorded the low price of 1.09922. When applying Oscillator Analysis to the price chart, one can see that price is trading below the SMA 60 period Moving Average line, a fact which confirms the EURCHF currency pair's downward direction. Furthermore, the MACD (Moving Average/Convergence Divergence) Oscillator is recording values below the zero line which hints to the bearish bias of financial instrument. Additionally, the RSI (Relative Strength Index) Oscillator registers values below the fifty line which indicates negative sentiment. All three technical indicators are in agreement with regards to the downward bias of the financial instrument. Three price targets may be calculated upon applying the Fibonacci tool to the price chart. The first price target is estimated at 1.10043 (161.8%). The second price target is seen at 1.09762 (261.8%). The third price target is projected at 1.09308 (423.6%). The first target was reached successfully. The EURCHF currency pair is currently trading below the downtrend line. The presence of the Bullish Hammer hints at a potential rally to the upside. Of course, supply and demand as well as the crowd sentiment will determine the course of EURCHF currency pair. Though the market is currently following the counter trend direction, this might just be a correction, as long-term trend remains bearish.