After moving over 350pips in our direction since my last speculation on this pair (see link below for reference purposes); the breakdown of the Demand zone which has held price "Supported" in the last 70 days was finally broken to the downside giving rise to a "quick" counter-trend opportunity in the coming week(s).
Tendency: Downtrend ( Bearish )
Structure: Supply & Demand | Breakdown | Trendline
Observation: i. The Bullish run that began mid-February 2021 and peaked @ Fr1.11500 appears to be going through a Corrective phase.
ii. The Breakdown of Fr1.09800 during last week trading session signals the seller's strength at this juncture in the market.
iii. With Bearish tendencies "screaming" since Breakdown, I am of the opinion that a potential new Supply level around Fr1.0200/1.09800 shall crystallize in the coming week.
iv. A comfort entry after a further Breakdown/retest of Key level @ Fr1.09500 in the coming week(s) should trigger confirmation with the aim of testing Bullish Trendline (Check the weekly chart below).
v.This been said, there is also a possibility that the Bullish trendline on the weekly chart might be broken (considering the long-term bearish perspective) hereby welcoming an opportunity to add position at retest... Trade consciously! :)
Trading plan: SELL confirmation with a minimum potential profit of 130 pips.
Risk/Reward: 1:4
Potential Duration: 5 to 10days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
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: Supply & Demand | Breakdown | Trendline
Observation: i. The Bullish run that began mid-February 2021 and peaked @ Fr1.11500 appears to be going through a Corrective phase.
ii. The Breakdown of Fr1.09800 during last week trading session signals the seller's strength at this juncture in the market.
iii. With Bearish tendencies "screaming" since Breakdown, I am of the opinion that a potential new Supply level around Fr1.0200/1.09800 shall crystallize in the coming week.
iv. A comfort entry after a further Breakdown/retest of Key level @ Fr1.09500 in the coming week(s) should trigger confirmation with the aim of testing Bullish Trendline (Check the weekly chart below).
v.This been said, there is also a possibility that the Bullish trendline on the weekly chart might be broken (considering the long-term bearish perspective) hereby welcoming an opportunity to add position at retest... Trade consciously! :)
Trading plan: SELL confirmation with a minimum potential profit of 130 pips.
Risk/Reward: 1:4
Potential Duration: 5 to 10days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
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
