Structure Pivoting At A Strong Supply Zone
The weekly 200 moving average is acting as a dynamic resistance band as price action really tries to peg and coil around that zone and market speculators are finding themselves in a familiar strong supply zone order block area between price level handles of 0.96 and 0.97. There has not been a concentrated bullish thrust move by buyers even in between this supply zone nor let alone past it.To get more news about WikiFX, you can visit wikifx official website.
The last week trading session closing candle closed opened and closed below the 200 M.A and any risk of negative sentiment against the euro or coming out from the larger euro block will see a greater decline and sell-off of the euro currency against the Canadian dollar and to an extent further exposing the fresh support handle zone level of 0.94 for retest and a potential down breach.
If the latter price action scenario plays out, most likely hood is that market participants may be targeting to retest too, the 0.93 price handle level
Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years experience trading the markets and out of which, one and a half years of that as a prop trader, trading large and mid-cap American equities at one of the DAY TRADE THE WORLD offices.
Prior to switching career interest to trading, I have 9 years of experience in senior management roles driving small to large business development and B2B relations in creating and implementing; learning & development solutions, programs, organizational strategies & frameworks, and blended learning approaches for companies and institutions in Africa.