By Admiral Markets
The EUR/USD has been progressing towards upper resistance levels with a bullish zigzag and a form of inverted pennant (Broadening top with a flagpole). We can spot the pattern exactly between L3 and D H3 camarilla pivots. A retracement to the POC zone ( D L3, ATR low, trend line) 1.1890-1.1905 could spur another rally towards 1.1960. If we don’t see a retracement to the POC zone pay attention to a possible continuation above 1.1960 D H3. Strong momentum candle or a 4h close above D H3 – 1.1960 should target 1.1990 and possibly 1.2038 on a further bullish momentum.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
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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 Broadening Top Formed Between D L3 and D H3 Pivots
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