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
- Interim support
- Mini swing high
- Dragonfly doji and entry zone
- First intraweek target
- 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,