By Admiral Markets
Source: Admiral Markets MT5 with MT5SE Add-on
The EUR/USD has made a breakout in the form of an inverted head and shoulders pattern, but the upside could be contained due to strong resistance close to the M H3 and W H4 pivot points, along with historical sellers. 1.1735-55 is the POC zone, and we might see some rejections within the zone. Only above 1.1760 the EUR/USD should we proceed with a bullish move targeting 1.1808. Rejections from the POC zone should target 1.1688 and 1.1630, with the continuation towards 1.1553 on a 4h close below 1.1630.
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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M H4 – Monthly Camarilla Pivot (Very Strong Daily Resistance)
M L3 – Monthly Camarilla Pivot (Daily Support)
M L4 – Monthly H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect the price to react – aka the entry zone)
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Article by Admiral Markets
Source: EUR/USD is Bullish but Close to Strong Resistance
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