EURNZD | Perspective for the new week
The Bearish Impulse leg (see week chart) that began on the 20th of October 2020 might be calling for a correction move as we experienced a Breakout off NZD1.71500 in the latter part of last week trading session.
Tendency: Uptrend ( Bullish )
Structure: Cup and Handle | Supply & Demand
Observation: i. The last couple of weeks has experienced the rise of Euro since it found bottom @ NZD1.69500 last month.
ii. The Cup and Handle pattern indicated on the chart is considered a strong bullish signal, with the expectation that the formation of the right-hand side of the pattern will be experiencing lower trading volume in the following week(s).
iii. It is advisable to be patient with this trade so that we can catch the proposed Bull run at the most appropriate time as the handle forms.
iv. Depending on the pattern that evolves in the coming week, the Temporary/Major Demand level are levels to watch out for Buy confirmation signal.
Trading plan: BUY confirmation with a minimum potential profit of 300 pips.
Risk/Reward: 1:3.5
Potential Duration: 5 to 10 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: Uptrend ( Bullish )
Structure: Cup and Handle | Supply & Demand
Observation: i. The last couple of weeks has experienced the rise of Euro since it found bottom @ NZD1.69500 last month.
ii. The Cup and Handle pattern indicated on the chart is considered a strong bullish signal, with the expectation that the formation of the right-hand side of the pattern will be experiencing lower trading volume in the following week(s).
iii. It is advisable to be patient with this trade so that we can catch the proposed Bull run at the most appropriate time as the handle forms.
iv. Depending on the pattern that evolves in the coming week, the Temporary/Major Demand level are levels to watch out for Buy confirmation signal.
Trading plan: BUY confirmation with a minimum potential profit of 300 pips.
Risk/Reward: 1:3.5
Potential Duration: 5 to 10 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.
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