Following a whole lot of noise, the Euro rallied significantly during the course of the week, slicing into the 1.19000 Key level. It is a market that is grinding higher and appears not to be having stalling signs with the emerging set-up. With over 140pips profit in our direction since my last publication (see link below for reference purposes); As price respected our Harmonic structure - remember that I stated last week that we shall be observing how price reacts to my Key Level @ 1.19000 for a Bullish or Bearish consideration.
Tendency: Uptrend ( Bullish )
Structure: Trendline | Supply & Demand
Observation: i. Bullish Trendline continues to pave way for price action as indecision grips the market in consolidation structure since the beginning of the month (August 2020)
ii. The buying pressure and rally around the s Euro currency is gathered extra pace at the end of last week and is now lifting EUR/USD towards an anticipated fresh highs.
iii. Breakout and Retest of 1.19000 zone suggest an affirmative rally continuation.
iv. It is pertinent to state here that a Breakdown and Retest of our Bullish Trendline suggest an affirmative shift in direction as the Demand zone remains an area to break for the Bears to gain significant momentum.
Trading plan: BUY confirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:3
Potential Duration: 2 to 6 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.
Tendency: Uptrend ( Bullish )
Structure: Trendline | Supply & Demand
Observation: i. Bullish Trendline continues to pave way for price action as indecision grips the market in consolidation structure since the beginning of the month (August 2020)
ii. The buying pressure and rally around the s Euro currency is gathered extra pace at the end of last week and is now lifting EUR/USD towards an anticipated fresh highs.
iii. Breakout and Retest of 1.19000 zone suggest an affirmative rally continuation.
iv. It is pertinent to state here that a Breakdown and Retest of our Bullish Trendline suggest an affirmative shift in direction as the Demand zone remains an area to break for the Bears to gain significant momentum.
Trading plan: BUY confirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:3
Potential Duration: 2 to 6 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
