Is the EUR/ZAR headed for the Top Range Zone
https://www.tradingview.com/x/DrCUjiKY/
**PWL - 19,228.15**
**Range Low = ~19,223 - 19,262**
**1. Inefficiency**: Observed from last week's Thursday candle close to last week's Friday candle open. This inefficiency might indicate potential gaps or areas where price action did not adequately represent market sentiment.
**2. Event**: This inefficiency occurred at a daily fair value gap, leading to a temporary shift (reversal). Such gaps often serve as zones of high interest where price corrections or reversals are likely to happen.
**3. Thursday High**: The high created on Thursday established a new weekly high for the period 26/06/2024 - 28/06/2024. This could signal strong bullish momentum or the exhaustion of buying pressure at these levels.
**4. Result**: The creation of these levels led to a break or re-acceptance of the price level, suggesting a significant change in market structure.
**5. Market Condition**: The market appears to be rallying towards the daily range midpoint. This movement towards the midpoint could indicate either an early leg reversal, where the price starts to change direction, or a continuation point, where the current trend is likely to persist.
**Estimate Market Reach Level: 20,066.74**
**PWL - 19,228.15**
**Range Low = ~19,223 - 19,262**
**1. Inefficiency**: Observed from last week's Thursday candle close to last week's Friday candle open. This inefficiency might indicate potential gaps or areas where price action did not adequately represent market sentiment.
**2. Event**: This inefficiency occurred at a daily fair value gap, leading to a temporary shift (reversal). Such gaps often serve as zones of high interest where price corrections or reversals are likely to happen.
**3. Thursday High**: The high created on Thursday established a new weekly high for the period 26/06/2024 - 28/06/2024. This could signal strong bullish momentum or the exhaustion of buying pressure at these levels.
**4. Result**: The creation of these levels led to a break or re-acceptance of the price level, suggesting a significant change in market structure.
**5. Market Condition**: The market appears to be rallying towards the daily range midpoint. This movement towards the midpoint could indicate either an early leg reversal, where the price starts to change direction, or a continuation point, where the current trend is likely to persist.
**Estimate Market Reach Level: 20,066.74**
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