EURUSD | Perspective for the new weekA simple structure appears to have finally presented a long term trading opportunity for me on the EURUSD!
During the later part of last year, we experienced price making a final Breakout of Key level @ $1.19600 to make a new high as price rejects and find Support at this level (5th Feb 2021) with positive signs of good days for the Euro in the nearest future. As I continue to wait for fundamental headlines related to a new stimulus package in the US to support my bias in the coming week(s), find below my expectations;
Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Trendline
Observation: i. Now that price finally finds new Support at Key level area since breaking out of $1.19600, I shall be on standby to hop in a rally within/above this level.
ii. A Double bottom could be a possible pattern to look for if the price comes back to the Demand zone.
iii. Should price find it unnecessary to come back into the Demand zone, a Breakout/Retest of $1.2100 appears to be another level to look for buying opportunity in the coming week(s).
iv. For my cautious traders, a Breakout/Retest of $1.2100 could be a viable level to open a position :)
Trading plan: BUY confirmation with a minimum potential profit of 400 pips.
Risk/Reward : 1:4
Potential Duration: 15 to 25 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, 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.
