EUR/USD Bears are Still in Control

The EUR/USD has formed two bearish structures. Back-to-back SHS patterns which might give us entries based on the breakout and POC zone.

Small SHS pattern might provide a breakout entry if the pair goes below 1.1785. In that case we could see a move down to 1.1768, 1.1750 and 1.1720 which is slightly below the projected low at 1.1733. A bounce up might hit the POC zone 1.1850-70 and the market might start turning down from that point due to huge SHS pattern and the the top of the right shoulder. Higher TF Bollinger Band also add to the confluence.

The Analysis has been done with the CAMMACD.Core and Sit Systems

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Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.