By Admiral Markets
As I showed yesterday on my Session Recap webinar, the EUR/USD made the retracement to 1.1770 zone and rejected as planned. We can see a Bullish SHS pattern (inverted Head and Shoulders) formed slightly above the D L3 Camarilla pivot. That implies a potential continuation of a bullish setup towards 1.1834 and 1.1878. However, a clear h1 or h4 close above 1.1825 is needed for the price to proceed further up. In case of retracement, pay attention to 1.1760-75 zone again ( right shoulder, 78.6, atr pivot, D L3) and a possible rejection again. As long as the price is held above the W L3 – 1.1714 the EUR/USD is bullish.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
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D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
Source: EUR/USD Bullish SHS Pattern Close to D L3 Camarilla Pivot
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