By Admiral Markets
As I explained yesterday during my Live Trading Session Recap webinar, the EURUSD was due for a retracement. And it happened exactly as planned. The pair dropped to the POC zone and we could see some profit taking now. At this point 1.2210-2220 is the zone which could spike the price up but the break below 1.2190 could target 1.2155 POC2 zone. There is a lot of confluence there and 1.2145-55 could be good for new buyers and fresh longs. If the pair gets to 1.2295 look for a continuation up towards 1.2325 and 1.2365.
W H3 -1.2055 should give another upside boost to the pair.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
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 Retracement Towards POC Zones
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