Happy New Year!
I welcome you to another new year with an against all odds expectation as I look forward to a Bullish expectation if the price successfully completes the reversal set-up identified on the Daily time frame (despite everyone looking for sell opportunity).
Technically, the Euro continues to lurk around respected Demand level with high hopes of shooting above Key level @ $1.31
Price action remains stuck in a tight range as participants wait for additional catalysts such as economic data from the EU and U.S., Non-Farm Payrolls report for signals.
Tendency: Uptrend (Bullish)
Structure: Supply & Demand | Reversal pattern (ascending triangle)
Observation: i. Since the beginning of the last year 2021, the Euro recorded a 9.4% decline against the Greenback to express an emphatic bearish momentum.
ii. The bearish momentum appears to have found bottom @ $1.12 in November 2021 which can be evident in the character of price action in the last 3 months.
iii. Since hitting bottom @ $1.12, we have noticed a gradual bullish momentum as the price continue to find higher lows but met with a strong resistance level @ $1.138 area hereby transposing into an Ascending Triangle formation.
iv. Ascending Triangle: the resistance line runs parallel while the support line is rising and to avoid false breakout at $1.138, we might want to wait for confirmation in the form of a retest of this level to go long.
v. However, it is worthy of me to note here that the above key level @ $1.131 appears to be a comfort zone for me to long with hopes of adding to my existing position at Breakout/Retest of $1.138 area.
NB: Considering the long-term Bearish momentum, it is appropriate that we remain conscious as this narrative on a Bullish bias might be a correction phase that might incite a downtrend continuation but till then... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:4
Potential Duration: 5 to 15days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks 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.
I welcome you to another new year with an against all odds expectation as I look forward to a Bullish expectation if the price successfully completes the reversal set-up identified on the Daily time frame (despite everyone looking for sell opportunity).
Technically, the Euro continues to lurk around respected Demand level with high hopes of shooting above Key level @ $1.31
Price action remains stuck in a tight range as participants wait for additional catalysts such as economic data from the EU and U.S., Non-Farm Payrolls report for signals.
Tendency: Uptrend (Bullish)
Structure: Supply & Demand | Reversal pattern (ascending triangle)
Observation: i. Since the beginning of the last year 2021, the Euro recorded a 9.4% decline against the Greenback to express an emphatic bearish momentum.
ii. The bearish momentum appears to have found bottom @ $1.12 in November 2021 which can be evident in the character of price action in the last 3 months.
iii. Since hitting bottom @ $1.12, we have noticed a gradual bullish momentum as the price continue to find higher lows but met with a strong resistance level @ $1.138 area hereby transposing into an Ascending Triangle formation.
iv. Ascending Triangle: the resistance line runs parallel while the support line is rising and to avoid false breakout at $1.138, we might want to wait for confirmation in the form of a retest of this level to go long.
v. However, it is worthy of me to note here that the above key level @ $1.131 appears to be a comfort zone for me to long with hopes of adding to my existing position at Breakout/Retest of $1.138 area.
NB: Considering the long-term Bearish momentum, it is appropriate that we remain conscious as this narrative on a Bullish bias might be a correction phase that might incite a downtrend continuation but till then... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:4
Potential Duration: 5 to 15days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks 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
