A Breakout of our Bullish Pennant incites uptrend tendencies. However, it is worthy to note the Key level @ 1.12550 - a Support level that appears to be significant within the Rectangle.
Tendency: Uptrend ( Bullish )
Structure: Breakout | Pennant | Rectangle | Support & Resistance
Observation: i. Since Price tested Support within the Rectangle at 1.1700 on the 19th of June, it has been on an uptrend and making a Breakout of Pennant on the 6th of July.
ii. Our Key level was tested twice @ 1.12550 during the course of last week form a Double Bottom which also suggests the Buying power at this level.
iii. Even though the Breakout of Pennant incites Uptrend continuation, we shall be patient during the following week(s) to see how price reacts to our Key level as a Breakdown might incite selling option to complete Channel (or a possible Breakdown of Channel).
iv. A further Breakout of Resistance Level might be a little more precise for entry details.
Trading plan: BUY confirmation with a minimum potential profit of 220 pips and a minimum of 100pips if otherwise.
Risk/Reward: 1:3
Potential Duration: 4 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
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.
Tendency: Uptrend ( Bullish )
Structure: Breakout | Pennant | Rectangle | Support & Resistance
Observation: i. Since Price tested Support within the Rectangle at 1.1700 on the 19th of June, it has been on an uptrend and making a Breakout of Pennant on the 6th of July.
ii. Our Key level was tested twice @ 1.12550 during the course of last week form a Double Bottom which also suggests the Buying power at this level.
iii. Even though the Breakout of Pennant incites Uptrend continuation, we shall be patient during the following week(s) to see how price reacts to our Key level as a Breakdown might incite selling option to complete Channel (or a possible Breakdown of Channel).
iv. A further Breakout of Resistance Level might be a little more precise for entry details.
Trading plan: BUY confirmation with a minimum potential profit of 220 pips and a minimum of 100pips if otherwise.
Risk/Reward: 1:3
Potential Duration: 4 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
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.
Trade closed: target reached
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