A bullish reversal cooked and ready to serve for EURZAR
Updated
Here we can see the market has broken out of the downtrend since June 2019. This comes after a very dovish ECB failed to meet expectations with a rate cut yesterday.
Price needs to get above 15.76x to confirm the retracement back towards the initial 38.2% target with extensions beyond that if necessary. To the topside 16 looks within reach this summer, whilst to the downside if we breach yesterday's lows at 15.424x it will invalidate yesterday's bullish reversal and cause a major short-circuit in the flow.
All the best those trading EUR and EM FX in this current environment.
Price needs to get above 15.76x to confirm the retracement back towards the initial 38.2% target with extensions beyond that if necessary. To the topside 16 looks within reach this summer, whilst to the downside if we breach yesterday's lows at 15.424x it will invalidate yesterday's bullish reversal and cause a major short-circuit in the flow.
All the best those trading EUR and EM FX in this current environment.
Trade closed: target reached
Clean and simple... well done bulls.
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