Tendency: Uptrend ( )
Structure: Breakout | | |
Observation: i. Since Price tested Support within the at 1.1700 on the 19th of June, it has been on an uptrend and making a Breakout of on the 6th of July.
ii. Our Key level was tested twice @ 1.12550 during the course of last week form a which also suggests the Buying power at this level.
iii. Even though the Breakout of incites Uptrend continuation, we shall be patient during the following week(s) to see how price reacts to our Key level as a Breakdown might incite selling option to complete Channel (or a possible Breakdown of Channel).
iv. A further Breakout of might be a little more precise for entry details.
Trading plan: BUY confirmation with a minimum potential profit of 220 pips and a minimum of 100pips if otherwise.
Potential Duration: 4 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.
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Past performance is not necessarily indicative of future results.