Eur/Huf – Another Retest of Resistance Area Level | Influencer Forex Analysis•Jasper Njuguna

Market speculators are in a familiar territory as current market structure is lingering at last month trading highs trading area. It is a strong supply zone as we view the last time price action was at that focal block, some good selling rally occurred and sellers may be looking at this as good pivot area for short trade setup ideas being supported by technical confluences.

This is now a third retest of this ceiling and therefore it is a strong resistance area as market participants failing since last6 month trading action to push the price up and close past the price handle level 366.0.

Our prediction is that even though currently there is a short selling opportunity but maybe not for long as it may struggle to go down past price handle level 361.0. So it may portend some bit of accumulation and distribution phase before another breakout direction plays out trading participants are shelv4ed in this levels.

Of course, one’s discretion and risk management is advised.

4 Hour chart ;

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.