Eyeing a Bullish Position: Aiming for a $1.133 Price Target!
The Demand Zone I have set focuses on a short-term price target of about $1.09. USD strength may only go up to this point, by my estimates. As the EURO continues to adjust for inflation, the price will appreciate. A Broadening Tops chart pattern, a bearish reversal pattern, partly inspires my idea.
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I am now holding a Long position as planned and previously aforementioned.
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Today, I confirmed that I was wrong about the extent of the bearish retracement of the last bullish trend. However, I am still expecting to see price appreciation in the near future and will likely hold an extended position.
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EUR/USD price had surpassed my demand zone and passed my risk tolerance level. However, the prices seen were historically points of pivot and trend continuation. For now, I will continue to manage my risk and assess the resurgence of the Euro Dollar pair.
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Now that we have entered September, I will consider that historically, the price has fallen during this month. I hope the EUR will strengthen their economy to see further bullish trades soon. However, the USD will likely continue to advance for the foreseeable future.