EUR/USD Bears Need a Close Below 1.0470

December 21, 2016

By Admiral Markets

The EUR/USD spiked from the zone I showed on Session Recap providing pips to traders who traded longs in a form of counter trend trading. Generally speaking the trend is still bearish and to me it is clear that a weekly close below 1.0470 is needed for further downside. Technically we see 2 most prominent trend lines on H4 chart that mark the downtrend. POC zone is spotted around 1.0410-20 on 4h charts. Weekly close below 1.0470 (weekly camarilla pivot) should open the door for 1.0300 and 1.0280. Weekly pivot is making an X cross ™ with a trend line so it just adds to its strength. 4h close below 1.0280 would expose 1.0200.

Follow @TarantulaFX on twitter for latest market updates

Article by Admiral Markets

Source: EUR/USD Bears Need a Close Below 1.0470

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.

8 years ago