After running 100pips in our direction since my last publication (see link below for reference purposes); the journey of the Bulls which began in February 2020 appears to be stalling following the inability of price to go beyond 1.20000 as a reversal structure appears at this juncture in the market. Attempts to break the 1.2000 level during the course of last week proved abortive as price pulled back significantly to reach down towards the 1.18 level during the Friday session.
Tendency: Downtrend ( Bearish )
Structure: Channel | Supply & Demand
Observation: i. Even though the price is caught within an Ascending channel, it is sandwiched in between a Supply and Demand zone.
ii. Following the significant Bearish move last week, a Breakdown of the Support of Channel could be an emphatic signal for a further decline for the Euro in the coming week(s).
iii. The price inability to break 1.18800 (a level identified with strong selling pressure since Aug. 2020) during the later part of the week signals a shift in the market.
iv. Breakdown/Retest of my Key level @ 1.17650 is an area to watch out for in the coming week.
Trading plan: SELL confirmation with a minimum potential profit of 400 pips.
Risk/Reward: 1:5
Potential Duration: 4 to 12days
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: Downtrend ( Bearish )
Structure: Channel | Supply & Demand
Observation: i. Even though the price is caught within an Ascending channel, it is sandwiched in between a Supply and Demand zone.
ii. Following the significant Bearish move last week, a Breakdown of the Support of Channel could be an emphatic signal for a further decline for the Euro in the coming week(s).
iii. The price inability to break 1.18800 (a level identified with strong selling pressure since Aug. 2020) during the later part of the week signals a shift in the market.
iv. Breakdown/Retest of my Key level @ 1.17650 is an area to watch out for in the coming week.
Trading plan: SELL confirmation with a minimum potential profit of 400 pips.
Risk/Reward: 1:5
Potential Duration: 4 to 12days
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
