EUR/USD is strong but possible fade coming soon M pattern

Nenad Kerkez Top-XE

The EUR/USD is in a strong uptrend but 4h looks like it could use a retracement.

A rejection from the POC zone which is close to 1.2250 might start a bigger retracement towards 1.2117 and 1.2078. However we still don’t see a clear signal. A rejection candle or a bearish candlestick pattern configuration might instill new selling pressure along with profit taking. Only if the market breaks 1.2280 without a bearish signal we will see further move up.

The analysis has been done with the CAMMACD.Core System.

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Author

Nenad Kerkez

Top-XE

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