M Formation has formed over the last few months with the EUR/ZAR. The price broke below the support which has become the resistance. ANd the price has been coming down on a trajectory to the psychological level of R19.00. Now, if it breaks down further, I might be too optimistic but it looks like the next target could hit is R17.85. What are your thoughts?
EUR/ZAR: A New Currency Pair for Trading on FXOpen Traders using FXOpen can now incorporate the EUR/ZAR currency pair into their strategies. The EUR/ZAR pair is known for its volatility, making it suitable for trend trading within a single day. On the other hand, as the daily chart (below) shows, the exchange rate remains within a range, which supports swing...
W Formation formed on EUR/ZAR. The price is breaking it's 200MA and is above the 20MA. So there is a high likely chance of the EUR running up to R20.85 against the ZAR. Nightmare for those SA living in Europe. But at least we can trade it right?
A double top is visible on the graph. ZAR has been in a downtrend for weeks and is now trying to weaken. But I think this will not be enough.
Given the current weakness in the South African economy coupled with the robust economic growth in Europe, this presents a great buying opportunity to gain in the Euro (EUR). Taking advantage of this economic disparity can yield favorable returns as the EUR strengthens relative to the South African rand (ZAR).
EUR/ZAR is moving in a regression band. We are just touching the bottom, from here I expect the price to go up to the top of the band.
Selling only after the break below the HMA and the retest of the liquidity zone **This is just my trading thought process and does not constitute as financial advice. **Please trade with proper risk management*
The South African currency has been weakening for years, but it has already tried to break through the support shown in the picture three times. It may be worth placing a short position up to the lower support.
This trade is a success. The EURZAR has rallied over 300 pips since the bounce from the uptrend low. T he pair has hit both take profits @20.60000 and @20.750000. Earlier analysis highlighted the key 21.00000 level as our long term target.
This currency pair was going up respecting market structure but recently we saw the trendline being broken and lower structure points started to appear. An increase in volume could make price go lower quite agressively...
We maintain a long term bearish approach to this pair. Presently, after a break of structure, we have a corrective move targeting the unmitigated zone at 20.39 price handle. On the 4 hour time frame, we have a change of character and internal break that informs our buy position at 19.9
This analysis hurts my pocket. Travelling around and living in Europe means we pay in Euros. Hotels, flights, costs, etc... And I unpleasantly am doing an analysis showing how the Euro looks like more upside is to come. It's this kind of analysis I really hope I am 100% wrong. Anyway, upside is to come bease on the Reverse Cup and Handle. The price...
Since last week, EURZAR has been in a strong uptrend from the 19.40000 level. Recently, we have broken out of the descending channel that was maintening it inside a bearish structure. What we are seeing now in my opinion in simply a re-test of the 20.6500 level that was a resistance and is about to turn into a support to continue higher up to 21.3000 probably next week.
EURZAR has rejected a resistance at around 20.40 and has created a double top, creating a faekout. The pair has failed to create higher market structure and a loss of momentum next week would make price fall.
EURZAR has been in a bearish market structure for the past few days. The pair created lower than previous highs and lower than previous lows confirming the trend all the way. Right now we have been testing a key support which if broken will accelerate the new bearish leg. More details in the video...
Cup and Handle has formed over the last few months with EUR/ZAR. We got a break down below R19.65. Now it looks like there is further downside to come for the EUR which is good for the rand. 21>7 Price >200 RSI<50 Target R17.32 The big warning technically is that the EUR/ZAR is flirting with the 200MA. Until the price breaks down, then I'll feel more...
Starting with the price structure, EUR/ZAR has been forming a series of higher highs and higher lows, indicating an uptrend in progress. This pattern suggests that buyers have been gaining strength, consistently pushing the price higher after each pullback. This type of price action often reflects a shift in market sentiment towards bullishness. Adding to the...