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Eurzar!

EUR/ZAR: A New Currency Pair for Trading on FXOpenEUR/ZAR: A New Currency Pair for Trading on FXOpen Traders using FXOpen can now incorporate the EUR/ZAR currency pair into their strategies. The EUR/ZAR pair is known for its volatility, making it suitable for trend trading within a single day. On the other hand, as the daily chart (below) shows, the exchange rate remains within a range, which supports swing trading around key support and resistance levels. What Influences the EUR/ZAR Exchange Rate? Key factors affecting the value of the South African rand (ZAR) in 2024 include: → High Inflation: In January, inflation was 5.4%, but by July it had decreased to 4.6% due to high interest rates set by the South African Reserve Bank, which strengthen the rand. → Prices of Exported Commodities: Gold, platinum, and diamonds. → Political Instability: Domestic political events and reforms can trigger spikes in volatility. Technical Analysis of EUR/ZAR Analysis of the EUR/ZAR chart for 2024 reveals that: → The price is moving in a weak downtrend, as indicated by the grey linear regression channel. → At the end of 2023, the price was supported by a trendline (in red), but after a bearish breakout in March 2024, the breakout zone (around 20.4) started to show signs of resistance. → Conversely, the level of 19.4 appears as significant support. It is possible that the price may test this level for resilience later this year. Currently, bearish pressure is held at the support level of 19.57. EUR/ZAR Forecasts Using global macroeconomic forecasting models, Trading Economics analysts predict that the EUR/ZAR rate could be 19.9468 in one year. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
by FXOpen
3
EUR/ZAR showing strong upside to come - OUCH!This analysis hurts my pocket. Travelling around and living in Europe means we pay in Euros. Hotels, flights, costs, etc... And I unpleasantly am doing an analysis showing how the Euro looks like more upside is to come. It's this kind of analysis I really hope I am 100% wrong. Anyway, upside is to come bease on the Reverse Cup and Handle. The price bounced on the 200MA and said, nope we are going up. Let's go euros! And now, it looks like the next target is to a gloomy R22.44
Long
by Timonrosso
Bullish Momentum Building on EUR/ZARStarting with the price structure, EUR/ZAR has been forming a series of higher highs and higher lows, indicating an uptrend in progress. This pattern suggests that buyers have been gaining strength, consistently pushing the price higher after each pullback. This type of price action often reflects a shift in market sentiment towards bullishness. Adding to the bullish case is the presence of a trend line, which acts as a dynamic support level for the price. This trend line connects the higher lows and confirms the upward trajectory. As long as the price remains above this trend line, the bullish bias remains intact. Furthermore, the recent breakout above a significant resistance level adds further weight to the bullish scenario. A break above resistance signifies that buyers have overwhelmed sellers, potentially opening the door for further upward movement. This breakout could also attract additional market participants who were waiting on the sidelines, thereby amplifying the buying pressure. TARGET 1 : 20.9321 TARGET 2 : 212674
Long
by UnknownUnicorn48526553
EURZAR H1 Bearish Cypher EURZAR is currently in a Weekly order block. We have vector candles showing a decisive three pushes to the current low. RSi and TDI should read lows and Shark Fins in this region. Look for a Head and shoulder pattern to enter long toward the 70.7Fib retracement of the XC leg. Usually pattern failure may occur around the Fib level around the 19.5100 level. If failure occurs then we look to go short at this region until an ABCD pattern is formed as shown. If price manages to breakthrough to complete the cypher pattern then we are looking at minimum two pins to this region before we enter short. M15 may show significant divergence and a close ofprice below EMA 13 would signal a good entry.
Short
by harveygoldfx
EURZAR Bearish CypherA bearish Cypher on the Weekly timeframe is near completion. Price is currently within a Weekly order block and we will most likely see a lot of trapping behavior in this region. This area is arrived at after a very long bullish trend and so as a result we will most likely find a build-up of both institutional volume as well as day-trader volumes. On the daily time frame, the final bearish trend will only be signaled by a noticeable pattern such as a double top, head, and shoulder pattern with significant confirmations around the AoI- Area of Interest. Please note this is a long-term projection and positions for holding long can only be held after the Daily time frame shows the noticeable pattern.
Short
by harveygoldfx