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.
The EURZAR has been retracing for the past week. The pair seems to have found considerable support around the (61.8%-50%) fibonacci levels; Triple bottom pattern on the lower timeframes validates this long position. 21.00000 KEY level is my projected target level.
I am considering taking a long position on this. My strategy involves waiting for a false break of the support level to occur, which may create some liquidity. Then, I want to see the price break above the support level again, after which I will look to go long on the re-test of the support. To limit my potential loss, I will place my stop loss just below the low...
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 is an update to yesterday's post. The pair has formed a considerable support after the fifth touch at support trendline; This calls for long term buy move towards the the key 21.00000 Psychological key level.
Tis is a long term idea on the EURZAR. The pair has rejected support once more for the fifth time; This rejection might give the buyers a chance to close this above 20.50000 for an eventual long term purging of the key 21.00000.
EURZAR has been in a recent range and is now testing the upper trend line.
Market possibly pre-empting a negative tone to the South African finance ministers speech on Wednesday.
If the breakout is a fake, there is a high likelihood of it revering to the lower level of the Triangular formation.
The pair has hit Take profit 1 as explained in my earlier posts about this set up. 20.50000 Key psychological level has been purged. Having seen a close above this level gives the bullish bias more preference going forward. 20.80000 level is open for testing in the upcoming sessions.
Seems like this pair has found meaningful support at the H4 uptrend low. The CPI rally has also been retraced. The exotic pair now aims to trade higher back to the psychological 20.50000 level.
