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EUR/ZAR Potential Upward Movement

EUR/ZAR Long-Term Trend: Bullish

Key Resistance Levels: 17.97933, 18.08528, 18.26626.

Key Support Levels: 17.66042, 17.43662, 17.16061.

1-Hr Chart:

The price on the higher time frame found support around the 16.65794 ZAR mark where a fakeout has been left below the support. The market rebounded and is expected to continue its upward movement toward the next key resistance level.

EUR/ZAR Medium-Term Trend: Bullish

15-Mins Chart:

On the lower time frame, the market managed to break the Wyckoff accumulation phase to the upside. This accumulation represents the fakeout on the Lower time frame. a lower correction could be seen to the bespoke support before a new upward movement toward the target profits.

Signal Idea:

Buy Limit Order @ 17.66659

TP 1 @ 17.96412

TP 2 @ 18.08528

Stop Loss @ 17.51827

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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