Anticipating A New Rally...I have been actively trading this pair together with the USDZAR pair as well (they have been incredibly wonderful & very profitable pairs to trade with).
Ever-since a very strong upside rally at the beginning of this year to some new highs; this pair (together with the USDZAR) has ever-since left the highs far behind; & have started plunging lower & lower ever-since... (I have also been trading this pair on their move downwards, & the down moves has been very exciting too...)
I look forward to another new rally to the highs (best to new highs) once again...
My earlier broker did not offered the ZARJPY & CHFZAR pairs to trade with, or else I would also be trading with those two pairs (together with USDZAR & EURZAR); the price pattern movements between these four pairs have been hugely similar in the beginning of this year, until later on; when the USD got progressively weaker than the EUR, & the JPY still remained very strong (CHF is very strong too; stronger than EUR I could see)...
I will continue to observe these four pairs (on smaller time-frame charts) & I'm looking out for a very profitable trading opportunity to get in nicely again...
ZAREUR trade ideas
EURZAR - TRENDLINES (caution) Potential trendlines channel and fibs to get some setup to trade this pair
Wait and see
Trade your plan. If you dont have any avoid trading
(Warning. I am a private trader. I don't sell any signals, equipment or other sources of learning about forex . I am here to share ideas based on technical analysis to improve me on Forex practice. Trading forex is dangerous and can result in significant financial losses. So I am not responsible when the results of the positions to be taken on the basis of my charts since these constitute no basic signals but simply my own market analysis. As i always says, trade your plan and if you don't have any, avoid trading.)