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
- Support line
- Swing high
- Pinbar rejections
- Morning Star emerging/CBR
- 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. My Telegram group received a long EUR/USD signal as a part of the trading method. Watching the daily time frame for this trade and it has been qualified as intraday trade with a potential for intraweek trade towards Q L4 camarilla pivot.
Summary of August trading results is HERE(click to see)
Cheers and safe trading,
Nenad
