With over 130pips in our direction since my last publication (see link below for reference purposes), we continue to see uptrend tendencies everywhere! As the Euro shot higher during last week trading session, we continue to find resistance in the same area around $1.19000 area. The following week might give room for correction into Demand area with high anticipation of Buyers taking over for Higher Highs.
Tendency: Uptrend ( Bullish )
Structure: Trendline | Bullish Rectangle | Supply & Demand
Observation: i. As price continues to trend above Bullish Trendline on the chart, we finally find Demand zone @ $1.16500 which has been respected since July 2020.
ii. Price sandwiched within a Supply/Demand zone forms a Bullish Rectangle pattern with possibilities of breaking out of this level considering previous Bullish impulses that led to this juncture in the market.
Trading plan: BUY confirmation with a minimum potential profit of 500 pips.
Risk/Reward: 1:3
Potential Duration: 7 to 15 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: Trendline | Bullish Rectangle | Supply & Demand
Observation: i. As price continues to trend above Bullish Trendline on the chart, we finally find Demand zone @ $1.16500 which has been respected since July 2020.
ii. Price sandwiched within a Supply/Demand zone forms a Bullish Rectangle pattern with possibilities of breaking out of this level considering previous Bullish impulses that led to this juncture in the market.
Trading plan: BUY confirmation with a minimum potential profit of 500 pips.
Risk/Reward: 1:3
Potential Duration: 7 to 15 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
