By Admiral Markets
The EUR/USD has bounced above Weekly L3 camarilla, that suggest a possible upmove continuation. We can see two POC zones. The POC1 (W L3, ATR Pivot, D L4, order block, 50.0, EMA89) 1.1420-35 could spike the price towards 1.1475 and 1.1505, while in the case of deeper retracement , he pair might hit the POC2 (88.6,trend line, ATR low, D L5) 1.1400-1.1385 and then spike again towards 1.1440, 1.1475 and 1.1505. In that case it will form inverted head and shoulders pattern (bullish shs) which will be another sign of uptrend continuation.
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W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
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W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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)
Article by Admiral Markets
Source: EUR/USD Bullish Patterns Forming On Intraday Time Frame
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