EUR/USD ends the week on a high and holds above 1.14 despite issues at the EU summit.
Price moves roughly 85pips in our direction validating our bias (see link below) last week. In this regard, we might be expecting a correction in anticipation of a Bullish run in the coming week(s) as price breaks our Key level (1.13900) to form a Rising Wedge.
Tendency: Uptrend ( Bullish )
Structure: Breakout | Wedge | Supply & Demand
Observation: i. Breakout of 1.13900 level to form new Support signals a possible uptrend continuation.
ii. Formation of a Rising Wedge above our Key level emphasizes tendencies for price doing a correction into Demand zone before the rally.
iii. However, an immediate engulfing Breakout from Wedge might be the Bullish run we are looking for.
Trading plan: BUY confirmation with a minimum potential profit of 100 pips.
Risk/Reward: 1:3
Potential Duration: 2 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
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.
Price moves roughly 85pips in our direction validating our bias (see link below) last week. In this regard, we might be expecting a correction in anticipation of a Bullish run in the coming week(s) as price breaks our Key level (1.13900) to form a Rising Wedge.
Tendency: Uptrend ( Bullish )
Structure: Breakout | Wedge | Supply & Demand
Observation: i. Breakout of 1.13900 level to form new Support signals a possible uptrend continuation.
ii. Formation of a Rising Wedge above our Key level emphasizes tendencies for price doing a correction into Demand zone before the rally.
iii. However, an immediate engulfing Breakout from Wedge might be the Bullish run we are looking for.
Trading plan: BUY confirmation with a minimum potential profit of 100 pips.
Risk/Reward: 1:3
Potential Duration: 2 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
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
