EUR/USD continuation of uptrend as the deep fake pattern suggests
|EUR/USD technical analysis
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Bullish continuation.
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ATR is 76 pips.
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Fakeout bullish pattern.
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Important news.
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M H5 is the target.
MEGATREND MAs: Bullish
D1 chart EUR/USD
1. Megatrend pattern.
2. Deep fake/Fake out pattern.
3. Target zone.
The EUR/USD is still in uptrend. Megatrend pattern (21-30 days of strong trend without deep pullbacks) still exists and the market is under consolidation and potential profit taking. We can see a big range in the last 5 days of trading. That’s because we have a strong news coming (German GDP, ADP, NFP + ECB) and there is no momentum at this point but it is going to change as news is being released.
Generally I still think that the market is long and have been buying dips as technicals suggest longs. Deep fake or fake out pattern has formed in the last 3 candles and we should see a move up straight from the 1.0850 zone. The target is 1.1055.
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