By Admiral Markets
The EUR/USD is still in uptrend but last couple of days we have had a whipsaw-ish price action even on higher time frames. Traders could have seen both up and down price movement without any clear direction. Lower highs and lower lows make the obvious formation on 4h time frame and we could see a deeper technical retracement in the EUR/USD. 1.2265-80 is the zone to watch for possible rejections. If the price gets below 1.2170 we could see 1.2130 and possible surge of fresh new buyers. However, if the price spikes above 1.2285 we could see a retest of 1.2330. Above it the price should make it to 1.2364.
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
M H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
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.
M L4 – Monthly H4 Camarilla (Monthly Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
Follow @TarantulaFX on twitter for latest market updates
Sign up for Live Trading Webinars with Nenad Kerkez T
Connect with Nenad Kerkez T on Facebook for latest market update
Read the Camarilla trading blog
Article by Admiral Markets
Source: EUR/USD Technical Uptrend Retracement Possible
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
