Euro FX Empire

EUR/USD Retracement as the Bears are Battling the Support

EUR/USD Technical Analysis

  • EUR/USD Dragonfly doji pattern
  • Selling the rallies
  • Bearish trend continues
  • Support needs to break
  • M L4 then Q L5/ML5 are targets

MEGATREND MAs: Bearish

D1 Chart EUR/USD

  1. Interim support
  2. Mini swing high
  3. Dragonfly doji and entry zone
  4. First intraweek target
  5. Final monthly target

The EUR/USD is still bearish. However the market bounced today with momentum. The trend is still bearish and the market might be nervous due to ECB next week. However, I found the zone where the buyers turned to sellers and we could expect the move down. 1.0015 zone is where sellers are and are trapped by Megatrend.

The rally came after a dip to 0.9915 due to potential profit taking and the investors thinking about the more aggressive ECB. Dollar still holds the ground however. The intraday target is 0.9970 (ATR pivot) followed by 0.9925 if the atr pivot breaks. We might see longs liquidating their positions which might be further bearish.

This analysis, and all entry signals and targets are a part of the Megatrend system and a trading course. I am maintaining 2 short trades on EUR/USD with an entry right at the Megatrend trap signal.

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.