It is over 150pips in our direction since my last publication on this pair (see link below for reference purposes); The “risk-off” situation going on globally appears to favor the US dollar as the Euro rejected the Demand zone and fell during the trading session on Friday to close below $1.17500 (making this level a Supply zone as Selling pressure increases from this area). Tendency: Downtrend ( Bearish ) Structure: Breakdown | Harmonic (AB = CD) Observation: i. The Breakdown of the $1.17500 level mid last month followed by a rejection of this level last week insinuates a risk of further decline in the coming week(s).
ii. As the selling pressure continues to accumulate around $1.17500 – chances of a Breakdown of $1.1700 (Key Level) become greater.
iii. It is worthy to note that the rejection of $1.17500 is exactly at a 61.8% retracement of AB Leg with a better chance of forming the AB = CD pattern as stated below;
iv. ABCD parameters;
a. Impulse A-to-B will be in harmony with the potential C-to-D leg.
b. The B- to-C leg is at 61.8% Fibonacci retracement of the A-to-B leg.
c. The C-to-D leg is expected to fall within 127.2 – 1.414% Fib. ext. of the A-to-B move. Trading plan: SELL confirmation with a minimum potential profit of 180 pips. Risk/Reward: 1:4 Potential Duration: 2 to 6 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
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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.



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