First and foremost, the pattern : A
That broke out last week. The price is above all EMAs and all my indicators are favoring the upside. Meaning of a strong devaluation of the real against the EURO .
With new ATH the trend is clear ; it is up.
I speculate the next high value base on an Elliot’s Waves model.
It is just speculation, my skill with Elliot’s Waves is not that sharp yet. Do not take it as fortune telling.
I’m not a forex trader but if I was one, I know in which direction I would trade the pair EURO /REAL.
As time goes by, I will keep you updated on the evolution of the exchange rate, so make sure to follow me on Tradingview
Disclaimer: This is not financial advice as I’m not a financial adviser.
This is just my knowledge on what can be said and done from the chart.
Due to the volatile nature of the cryptocurrencies market, it can change on a day to day basis.
Everyone is wise to manage their risk properly when considering any trading decision or activities.
I almost missed it !
the price finally reach my target.
It is wise to take profit I mean buy some real with euro.
A correction is due but as long a the price remain above the 20-day EMA (red curve) higher rate can be seen.