EUR/USD Technical Analysis
- NKT CBR Pattern ™
- We should move up now
- 1.0235-1.0275 is the target zone
- W L4 provides support
MEGATREND MAs: Bullish
H4 Chart EUR/USD
- Trend line start
- The top of the move
- CBR pattern™
- This is pre NFP move
The EUR/USD is moving up as we can spot the CBR pattern ™. The CBR is my proprietary pattern which in this case is bullish. Two parallel back to back pinabars (1 bearish followed by 1 bullish) are a signal for a move up. Adding to that the confluence of camarilla pivots and W L3 camarilla pivot point bounce.
The entry zone is 1.0180-90 with the potential 1.0235-1.0275 target pre NFP. Have in mind that depending on the NFP results the EUR/USD rate might change significantly. This is to be determined after the NFP on Friday.
The dollar seems to be ranging although still bullish higher yields and the recent hawkish rhetoric from several Fed members. They reinstated the ongoing tightening process and cued for further rate hikes in the next months, although in the middle of the inflation battle as we can see the persistent elevated inflation in the US (CPI Yearly numbers show it)
This analysis, and CBR pattern ™ are a part of the Megatrend trading course. I have 1 long position that I will maintain. The intraday target is 1.0264 while the intraweek target is much similar. Swing target not determined and possible as this is a counter trend trade.
Summary of July trading results is on this PAGE
Cheers and safe trading,
Nenad
