Kipyegonn
Short

EURZAR Analysis-30.10.2017

OANDA:EURZAR   EUR/ZAR
Hello Guys,
Today, I will short the Euro again as I look to take advantage of this across the board weakness. Though there is no sell signal in the monthly chart, there is a perfect evening star reversal and a bear divergence pattern in the daily chart . In fact, a gravestone doji was printed above the upper BB as the market closed on Friday.

A stochastic sell signal is also in place meaning sell pressure should continue going forward. These combinations of technicals in the daily chart means chances of a drift lower towards that 4 months support trend line is high. Best case scenario is for it to be broken and that would mean economic benefit with positive swaps.

I will wait until a sell signal is printed in the 4HR chart before I short. Alternatively, set a sell limit around 16.55-16.70 with stop loss above last week’s highs at 16.9
Trade as follows:
Sell Limit: 16.55-16.70
Stop Loss: 16.9
Take Profit: 1:3-5 risk reward ratio

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