With the August Nonfarm Payroll report on Friday expected to be below the previous month, technically I anticipate a rally for the Euro in the coming week(s).
Tendency: Uptrend ( )
Structure: Breakout | | Trendline
Observation: i. The momentum that began in January 2021 broke out of her prevailing direction ( ) on the 22nd of April 2021 to set the pace for what looks like the beginning of a new trend.
ii. Since the Breakout that occurred on the 22nd of April 2021, sellers appear to emphasize its strength but the price has continued to reject the Trendline and this feat reveals that the buyers are finally gaining trust in the Euro as price finally hits the at $1.16700 once again after 5 months.
iii. Price continued to find higher since testing the with high expectation of breaking out of the second trendline in the coming week(s).
iv. Above $1.17500 Level (Key level) remains a comfortable area to take advantage of the intended bias as I look forward to a Breakout/Retest of the Trend zone ( ) in the coming week.
v. And a further Breakout of $1.18500 shall welcome an opportunity to add to our existing position… Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 350 pips.
Potential Duration: 10 to 20 days
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.
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Past performance is not necessarily indicative of future results.
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