Risks continue to shift in favour of an overdue correction lower on this pair as the need to take a very critical approach to find accurate trading opportunity in the following week(s) becomes very necessary. The appearance of a harmonic pattern at this juncture suggest that we might be experiencing a Bullish run to test 1.19000 with my sincere intention of observing how the price will react at this level in anticipation of either a further decline or Breakout and retest for a rally.
Tendency: Uptrend ( Bullish ) and Downtrend ( Bearish ) possibility
Structure: Trendline | Supply & Demand | Harmonic (AB = CD)
Observation: i. Bullish Trendline continues to pave way for price action as indecision grips the market in consolidation structure since the beginning of the month (August 2020)
ii. Breakdown and Retest of 1.19000 zone suggest an affirmative shift in direction.
iii. Price making a Harmonic move to test Demand zone (1.17500) could be a clue for a "quick" buying opportunity in anticipation of a decline in the nearest future.
iv. ABCD parameters;
a. Impulse A-to-B in harmony with the potential C-to-D leg.
b. The B- to-C leg is at 50.0% Fibonacci retracement of the A-to-B leg.
c. The C-to-D leg is expected to fall within 127.2 - 1.414% Fib. ext. of the A-to-B move.
v. My perspective to this supports a Buy and Sell (depending on how price reacts if it gets to 1.19000 as I hope to see how European PMI will incite the market) opportunity on this one.
Trading plan: BUY/SELL confirmation with a minimum potential profit of 300 pips (total).
Risk/Reward: 1:3
Potential Duration: 1 to 5 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Uptrend ( Bullish ) and Downtrend ( Bearish ) possibility
Structure: Trendline | Supply & Demand | Harmonic (AB = CD)
Observation: i. Bullish Trendline continues to pave way for price action as indecision grips the market in consolidation structure since the beginning of the month (August 2020)
ii. Breakdown and Retest of 1.19000 zone suggest an affirmative shift in direction.
iii. Price making a Harmonic move to test Demand zone (1.17500) could be a clue for a "quick" buying opportunity in anticipation of a decline in the nearest future.
iv. ABCD parameters;
a. Impulse A-to-B in harmony with the potential C-to-D leg.
b. The B- to-C leg is at 50.0% Fibonacci retracement of the A-to-B leg.
c. The C-to-D leg is expected to fall within 127.2 - 1.414% Fib. ext. of the A-to-B move.
v. My perspective to this supports a Buy and Sell (depending on how price reacts if it gets to 1.19000 as I hope to see how European PMI will incite the market) opportunity on this one.
Trading plan: BUY/SELL confirmation with a minimum potential profit of 300 pips (total).
Risk/Reward: 1:3
Potential Duration: 1 to 5 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
