EURCAD | perspective for the new weekSince a successful Breakout on the 12th of Nov. 2020, Price found Demand zone @ CAD1.54800 eight good times before finally finding the momentum to Break out off Bearish trendline @ CAD1.55100 towards the end of the trading session on Friday to make a Bullish statement.
Tendency: Uptrend (Bullish )
Structure: Trendline | Supply & Demand
Observation: i. Price continues to respect Bullish Trendline on the Weekly chart to emphasize the prevailing direction of price.
ii. Price rejects CAD1.54800 level eight times since on the 16th of Nov. 2020 to finally Breakout off Key level @ CAD1.55200 which also coincides with Breakout off the Bearish trendline.
iii. Key Level shall remain a yardstick for buying option for me in the coming week.
Trading plan: BUY confirmation with a minimum potential profit of 120 pips.
Risk/Reward: 1:5
Potential Duration: 1 to 3 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.
