Since my last publication on this pair (see link below for reference purposes), Buyers have found it difficult to push the price above $1.1900 (forming a Tripple Top pattern) hereby confirming this level a stronghold for the Sellers. It is worthy to also note that winter is at the corner and following a surge in coronavirus cases and an economic downturn, we might be expecting a bias against the Euro in the following week(s) as business dulls.
Tendency: Downtrend ( Bearish )
Structure: Tripple Top | Reversal pattern | Supply & Demand
Observation: i. $1.19000 level has been respected since the beginning of this month at five different occasions making this a strong Supply zone .
ii. Price creates three peaks at nearly the same price level @ $1.1900 (indicated on the chart as Top I, II and III).
iii. As Sellers resume their dominance, further decline in price might surface if price falls below the last swing low @ $1.18200 and breaking this major Support (Key Level) followed by a rejection.
iv. This been said, a significant breakout of $1.19000 level might disrupt our structure and shift the bias to an uptrend.
Trading plan: SELL confirmation with a minimum potential profit of 150 pips.
Risk/Reward: 1:5
Potential Duration: 2 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
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: Downtrend ( Bearish )
Structure: Tripple Top | Reversal pattern | Supply & Demand
Observation: i. $1.19000 level has been respected since the beginning of this month at five different occasions making this a strong Supply zone .
ii. Price creates three peaks at nearly the same price level @ $1.1900 (indicated on the chart as Top I, II and III).
iii. As Sellers resume their dominance, further decline in price might surface if price falls below the last swing low @ $1.18200 and breaking this major Support (Key Level) followed by a rejection.
iv. This been said, a significant breakout of $1.19000 level might disrupt our structure and shift the bias to an uptrend.
Trading plan: SELL confirmation with a minimum potential profit of 150 pips.
Risk/Reward: 1:5
Potential Duration: 2 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
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
