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.
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Article by Admiral Markets
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