EUR/USD W pattern confluence

Exclusive EUR/USD analysis for 12.09.2016

EUR/USD W pattern confluence

The EUR/USD is currently in uptrend that had its fundamental spark from mr.Draghi stating that he would not discuss QE at this point. ECB failed to deliver any cues about new stimulus.

After some profit taking on Friday we can see that EURUSD has made a W shaped pattern on 4h time frame (blue rectangle) and is supported by POC (78.6, EMA89, trend line, inner trend line, W pattern, WPP). The zone is wider due to strong momentum marubozu candle 1.1180-1.1210. If the EURUSD retraces in the zone we should expect a bounce. If it doesn’t retrace then 1.1282 could be a direct re-test before 1.1326. Only if we see a break of 1.1330 with a 4h candle above it 1.1420 will be the target. For the bullish scenario to remain valid, 1.1125 should hold.

exclusive12-09-2016

Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets

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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.