With over 150pips in our direction since my last publication (see link below for reference purposes); the pair remains range-bound between Support at 1.31350 and Resistance at 1.32500 with Breakout potential building considering the hold of the Major Support/Resistance zone on the weekly chart after the Bearish run that started in March 2020.
Tendency: Uptrend ( Bullish )
Structure: Trendline | Supply & Demand| Reversal Pattern (Head and Shoulder)
Observation: i. Bearish run since March 2020 found bottom at 1.30000 with immediate rejection followed by Higher Highs and Lows.
ii. Breakout of the Bearish Trendline a couple of weeks ago with engulfing candles insinuates the dawn of Bullish tendencies.
iii. Since the Breakout of Trendline on the 8th of September 2020, the price has found a cocoon at the 1.31350 zone making it a sensitive Demand level.
iv. I am looking forward to Breakout expectations off of the Neckline in the following week(s) as Buyers gain momentum from the Demand zone.
Trading plan: BUY confirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:3
Potential Duration: 5 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
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| Reversal Pattern (Head and Shoulder)
Observation: i. Bearish run since March 2020 found bottom at 1.30000 with immediate rejection followed by Higher Highs and Lows.
ii. Breakout of the Bearish Trendline a couple of weeks ago with engulfing candles insinuates the dawn of Bullish tendencies.
iii. Since the Breakout of Trendline on the 8th of September 2020, the price has found a cocoon at the 1.31350 zone making it a sensitive Demand level.
iv. I am looking forward to Breakout expectations off of the Neckline in the following week(s) as Buyers gain momentum from the Demand zone.
Trading plan: BUY confirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:3
Potential Duration: 5 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
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
