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...
The pair cleared the equal highs as highlighted in the las analysis; The pair subsequently dropped to test the left shoulder of the inverted H&S. In this analysis i expect a rally back above 20.50000 psychological level.
The pair has taken the 20.50000 key level after the strong bullish bounce off the wk1 uptrend low at 20.00000 key psychological level. In this set up i expect a rally towards 20.60000 level.
Bearish retail sentiment might be a key driving factor towards these levels.
The waves have started overlapping, possibly indicating that the Bulls are running out of steam and anticipating a potential reversal at the previous resistance.
EURZAR has been exhibiting Ranging behaviour in a Channel recently.
Upcoming News could trigger a breakout with strength if it doesn't fall through support prior to the release.
Eur/Zar is making crazy swings high and low on the daily time frame.
These crazy big swings are actually inside of a channel.
We are now at what seems to yet another top of the swing inside the channel.
So now I believe it is time to sell Eur/Zar for a swing down.
Im always trading very small and using risk management.
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
Ez in fib majoy golden zone
creating head and showlder pattern
divergence
trade with the trend
price in downtrend on daily 4 hour
look for break of neckline of head and showlder pattern to enter sell
look for trade on major sessions
let,s make some $
Price came up to a previous resistance level and formed a hammer candle indicating price is ready to head back down.
RSI is overbought that is also a signal for a sell.
Good luck friends. :)
Currency pair made a bearish divergence at last HH and broke below HL. Its currently trending in a downward bearish channel and is likely to continue the bearish trend.
