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

1. Support line
2. Swing high
3. Pinbar rejections
4. Morning Star emerging/CBR
5. 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.

Cheers and safe trading,

Nenad