By Admiral Markets
Source: Admiral Markets MT5 with MT5SE Add-on
The EUR is getting stronger as we could see from yesterday’s EUR/JPY analysis. The EUR/USD follows but contrary to EUR/JPY; we can see a rectangle consolidation which is not a sign of a healthy trend. That implies a range-bound price action with two possible bouncing spots. 1.2420-40 is the zone for shorts – POC (s). If the price reaches the zone, we might see a rejection towards 1.2350 and 1.2315. However, if the price drops to 1.2244-68, we might see a bounce towards 1.2315 and 1.2350. The short-term movement will stay within the range as long as this rectangle holds.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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 H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
Best wishes,
Nenad
Follow Admiral Markets on Facebook – @AdmiralMarkets on Twitter – for the latest market updates.
Article by Admiral Markets
Source: EUR/USD Two-Way Price Action Within the Rectangle Range
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
