EUR/USD FX Empire

EUR/USD Daily Bullish Counter Trade

EUR/USD Technical Analysis

  • EUR/USD Morning star/CBR combo
  • Daily is strongly bullish
  • Pinbar rejections
  • 1.0020 is the ATR projection high
  • 1.0079 is the potential target

MEGATREND MAs: Bearish

D1 Chart EUR/USD

  1. Support line
  2. Swing high
  3. Pinbar rejections
  4. Morning Star emerging/CBR
  5. Final bullish target

The EUR/USD has a strong momentum on a daily time frame. We can see that the price is making a bounce above the horizontal line of support which is in line with M L3 pivot point. We might expect the price to push further up if the level holds. The first intraday target is 1.0019 which is the ATR projection high. A strong open is characterized by CBR and Morning Star patterns off the support. Both are bullish. This is a counter trend trade.

The entry came after the Morning star/ CBR signals. As I am a bit late in the entry I entered with 0.5 % risk and I will add 0.5 % on a retracement towards 0.9840. I expect the bullish move to continue as the ECB signaled more aggressive monetary policy.

This analysis, and all entry signals and targets are a part of the Megatrend system and a trading course. I am maintaining 1 long trade on the EUR/USD. I will add 1 more entry on a retracement as a part of my risk management portfolio and system.

Cheers and safe trading,

Nenad

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.