EUR/USD Continues With Downtrend

The EUR/USD has gained some bullish impulse after yesterday’s worse than expected ADP data. However, the pair is still bearish.

Daily TF shows overbought market conditions and if the M H3 camarilla is not broken, downtrend continues. M H3 is 1.1321 and this level is crucial for bulls. Above this level we will see continuation to the upside. However, yesterday 1.1180 was retested as the price printed out the new daily low, so we might have another retest of 1.1180. However, for that to happen we should see a move below 1.1240 first which will signal a new bearish impulse.

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.