EUR/USD Technical Analysis
- Move up was a dead cat bounce
- Deeper retracement ™
- Below 0.9900 the price is bearish
- 0.9807 and 0.9754 are targets
MEGATREND MAs: Bullish
D1 Chart EUR/USD
- Start of the move up
- Dead cat bounce
- Deeper retracement entry short
- Final Target
The EUR/USD has shown 99 pips of the ATR for the last 14 days. The pair is trying to be bought on the dips but a lot will depend on the dollar strength or weakness. The EURO is in deep trouble and latest hawkish comments from the ECB officials helped only for a very short term. EUR went down the parity again. Only a bounce above 0.9900 might make the EUR/USD bullish again.
Today we can expect a bit of volatility from the EUR/USD as we have the ADP. Also Germany OCT final manufacturing number came out lower than expected. It means that inflation pressures have eased down but are still high. Technically there was a dead cat bounce in the market after the ECB and now we see that the EUR/USD is still trying to stay below 0.9900. Deeper pullback pattern is spotted by MEGATREND charts. If we manage to stay below we should see a move towards the ATR low 0.9807 and eventually 0.9754 on a better than expected NFP numbers data.
This analysis, all the patterns and all entry signals and targets are a part of the Megatrend system and a trading course. I am currently running 2 short positions in the EUR/USD as I am shorting the dead cat bounce/deeper pullback pattern.. My Telegram group recently received 2 short signals on EUR/USD. Daily timeframe is clear and concise.
Cheers and safe trading,
Nenad
Summary of October trading results is HERE (click to see)
Cheers and safe trading,
Nenad
