I am looking at this pair to continue down owing to the current weak EUR and strong ZAR fundamentally an tech. I would love to see this retrace for better entry and small SL. or keep selling and breaking the support for good entry.
Rejecting the .618 retrace and 100 and 800MA's on daily. Looking for more downside on Ezar to break the trend line, but I am expecting an "X" wave (flat like correction) to occur, may be from here.
Looking for an "X wave correction. This is 50% fib level. If not from here, then from the .618. But the point of me posting this is the 1hr candlestick pattern and exact spot in pattern and pitchfork fib level. Might be small, might be big.
There is currently a bullish opportunity with EUR/ZAR. As long as it does not close under it's current support zone which is at ~1.1612 the bullish move is valid. Trade safe.
I would look to scalp and leave some to run in case much larger move.
The pair is trading on a very long term 1M Channel Up (RSI = 57.375, MACD = 0.349, Highs/Lows = 0.2662, B/BP = 1.5626) that has a sizable downside gap to fill in the attempt to price a Higher Low. Our action plan is to short towards 15.08674 and then buy for the next Higher High (pattern continuation) with TP = 18.5000.
NCH software identified 3 bearish patterns on EURZAR 4 hours chart.
Price has broken away from its current bearish trend line. We are currently seeing buyers forming a new bullish break higher. I am expecting price to push through to the 18.10 mark
Refer to the monthly chart. I'm looking at a "B" wave. 1-4hr divergent looking like sell. I just wanted to point out that Eur/Zar could do one more up for an ending diagonal, which would take it to the 1.236 extension. If it did that, for risk purposes, I think that would be a better level to look for the swing. It is coming off the 27 percent extension of 1st...
The weekly and daily are both way over extended. It is also way over extended from monthly bollinger bands (see TDI turned into price currently here on monthly). We can get a running flat here, but if it goes down to break the low that could take us to the 13.00 level possibly. At a potential reversal spot now. But keep in mind this is the monthly chart.
The USDTRY party was just too crazy. EURUSD already breaks 1.1500 to let the bears celebrate their victory a lot; Meanwhile, there are still pairs that EURO is stronger like this EURZAR. Here we got a bearish bat pattern near 16.08, I'll be willing to wait for reversal sign there. Still this is a pair with abundant interest, so looking for potential short trade...
EURZAR is just coming off a Lower High on the 1D Channel Down (RSI = 49.793, MACD = -0.062, Highs/Lows = 0). The support lines are highlighted with the blue dots and although we price the Lower Low at 15.100, our TP for the current short is 15.2200.
EURZAR Buy Idea @Weekly Demand Zone (14.4514 - 14.7881) Buy Limit: 14.8119 Stop Loss: 14.3426 Take Profit: 16.0701
Trade what we see: EURZAR on the higher time frame trading on a bullish trend line (support). On the 4hr chart, we see a clean break with a lot of sellers entering the market. We saw an exhaustion phase and the buyers successfully re-tested the same trend line which has now turned into resistance. This new trade is joining the next wave of sellers entering the market.
TP : 15.1700, 15.3700, 15.5900 SL : 14.6700
I am positive on a sell on this right now. I previously posted the buy that you would be up. But the way it broke out of the trend line and made that reversal pattern I love to see it is coming down right now. It is possible that this is just a wave retracement and 38% is all we get but it is over extended on daily, so it could also have trapped buys and be...
Price is respecting its channel, although there has been some choppyness. Large bullish candle off support and looking for a rally higher to resistance
EURZAR is forming a head and shoulders pattern. Sell the breakout. Cheers!