The Euro rallied rather significantly during the week but has given back a significant amount of gains to create a scenario where the possibility of a further decline is possible. As the EUR/USD pair finished the week a little below 1.1800 mark, after advancing in the previous six weeks and reaching the lowest level in three days. With over 381pips in our direction since my last publication on this pair (see link below for reference purposes); I am still looking forward to a rally on this one. However, a Breakdown off of Trendline and Demand zone might be a signal for the Bears!
Tendency: Uptrend ( Bullish ) and Downtrend (Bearish) possibility
Structure: Trendline | Supply & Demand | Reversal Pattern
Observation: i. Bullish Trendline continues to pave way for price action as the price appears to sit on a Demand zone which is around my Trendline @ 1.17500.
ii. As price appears to respect my Trendline; I can not ignore a possible Breakdown in the following week(s) considering the sudden Bear burst in the latter part of last week.
iii. The appearance of Selling Pressure at 1.19000 (Reversal Pattern - Double Top) level gives me an insight into a memory that incites Sellers' strength at this juncture in the market.
iv. It is also worthy to note that the present structure in the market might give rise to consolidation within 1.17000 & 1.19000 in anticipation of a Breakout/Breakdown in the coming week(s)
Trading plan: BUY/SELL confirmation with a minimum potential profit of 300 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.
Tendency: Uptrend ( Bullish ) and Downtrend (Bearish) possibility
Structure: Trendline | Supply & Demand | Reversal Pattern
Observation: i. Bullish Trendline continues to pave way for price action as the price appears to sit on a Demand zone which is around my Trendline @ 1.17500.
ii. As price appears to respect my Trendline; I can not ignore a possible Breakdown in the following week(s) considering the sudden Bear burst in the latter part of last week.
iii. The appearance of Selling Pressure at 1.19000 (Reversal Pattern - Double Top) level gives me an insight into a memory that incites Sellers' strength at this juncture in the market.
iv. It is also worthy to note that the present structure in the market might give rise to consolidation within 1.17000 & 1.19000 in anticipation of a Breakout/Breakdown in the coming week(s)
Trading plan: BUY/SELL confirmation with a minimum potential profit of 300 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
