EURZAR trade ideas
$EURZAROANDA:EURZAR
Testing peaks from 2008 and 2014 and bottom of massive traiangle.
Break bellow will bring more strength to ZAR and weakness to EURZAR pair.
There are quite few levels lower to watch with first one around 15.00
EURZAR let's try this LONG again!Another exotic market in my Monday watchlist.
The pair broke the descending trendline a couple sessions back (seen in next chart) but bears took control when the 4H 50MA was touched (seen in next chart) and made me hit my SL :(
Friday was an interesting session. The price printed another hammer candle finishing the session right at the resistance area. That also meant it was a triple bottom, third time it rejected the same price!!
RSI stopped falling as fast as price was falling since 4th of July and in the triple bottom period it gained strength.
This are all bullish signals but lets look at 4H chart :
We have highlighted all the areas we talked about before.
Descending trendline (green) broken and price rejection at 50MA (yellow highlighted area) . Triple bottom ( green circles) and RSI divergence (red arrow) . We can also see how the price was falling in the past but RSI remain stable (blue lines in price chart and RSI chart)
What does that mean? Well it means that the price could potentially rise to the next resistance area at 15.88. In order for this to happen it needs to break the 50MA cleanly. If that does not happen the pair could continue its downtrend and keep falling.
I think buying at the actual price with a SL below the triple bottom could yield very good rewards with little risk.
Let me know your thoughts!
EURZAR long setupEURZAR has printed a long tail (hammer) candlestick at an area of strong support where we have seen the pair rebound in the past. Furthermore the pair broke the support and recovered in a very strong way. The market is also oversold and approaching the descending trendline dating from the beginning of June.
I believe a rebound to the 15.886 area is on the cards. For that we want to see the pair break the trendline and hold above support. We can see it more clearly on the 4H chart
The kind of price action I am expecting is a break of trendline and then a pullback back to support when it encounters resistance from the 50MA to gain strength again.
We also see how the price has been falling but RSI has remained estable. This divergence is also another sign that the pair might recover very soon
Do you have other ideas? Let me know in the comments!!
POSSIBLE LONG : WAVE D ABOUT TO BE FORMED POSSIBLE LONG : WAVE D ABOUT TO BE FORMED AND WE CAN EXPECT A SELL FORM WAVE E
going long ?quasimo pattern is emerging, looking forward to complete the last shoulder before goin short
EURZAR SHORTSELL IT.!!Resistance for the pair has been reached and its time to make some money back for ZAR
EURZAR: Short term bullish signal. Long term pending.The pair is on a 1D Ascending Triangle (RSI = 54.426, STOCH = 51.729, Highs/Lows = 0.0000) which on the short term is giving buy signal towards 16.800. Also, a stronger longer term buy signal is coming close to being materialized when the Golden Cross takes place (MA50 over MA200). The last 2 times that happened, the pair rallied more than +15%.
** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. **
Comments and likes are greatly appreciated.
