By Admiral Markets
The EUR/USD has formed a fake-out that was induced by stop grab pattern (false momentum caused by stop triggering) and it is clear that it formed an uptrend pattern. We can spot a near term ABCD pattern and Order Block which add up for POC (EMA89,H4,38.2) within 1.0610-25 zone. If we saw the pair retracing to the zone, the bounce would be targeting 1.0660 followed by 1.0690 and 1.0715. However a close above L3 (1.0650) without a retracement to POC might provide direct continuation of uptrend. 1.0580 is a very strong support and only below it the EUR/USD will switch to bearish territory.
Follow @TarantulaFX on twitter for latest market updates
Article by Admiral Markets
Source: EUR/USD Order Block and ABCD Pattern for Uptrend Continuation
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
