darcsherry

EURUSD | Perspective for the new week | Follow-up details

Long
FX:EURUSD   Euro / U.S. Dollar
We are yet to open a long term position on this pair since my last publication on this pair as the price is yet to do a significant breakout of $1.18500 as expected (see link below for reference purposes) but the current market structure suggests that the "wait" is about coming to an end as I anticipate a significant breakout of Bearish Trendline in the coming week(s).
With the August Nonfarm Payroll report on Friday expected to be below the previous month, technically I anticipate a rally for the Euro in the coming week(s).

Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Trendline
Observation: i. The Bearish momentum that began in January 2021 broke out of her prevailing direction ( Bearish Trendline ) on the 22nd of April 2021 to set the pace for what looks like the beginning of a new trend.
ii. Since the Breakout that occurred on the 22nd of April 2021, sellers appear to emphasize its strength but the price has continued to reject the Trendline and this feat reveals that the buyers are finally gaining trust in the Euro as price finally hits the Demand zone at $1.16700 once again after 5 months.
iii. Price continued to find higher since testing the Demand zone with high expectation of breaking out of the second trendline in the coming week(s).
iv. Above $1.17500 Level (Key level) remains a comfortable area to take advantage of the intended Bullish bias as I look forward to a Breakout/Retest of the Trend zone ( Bearish ) in the coming week.
v. And a further Breakout of $1.18500 shall welcome an opportunity to add to our existing position... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 350 pips.
Risk/Reward: 1:5
Potential Duration: 10 to 20 days

NB: This speculation might be considered to make individual decisions on the lower timeframe.

Watch this space for updates as price action is been monitored.


Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks 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.