By Admiral Markets
Source: Admiral Markets MT5 with MT5SE Add-on
The EUR/USD has made a bearish move and the intraday trend is bearish. However, this is looking like a range play and we might see a rejection if the price gets to 1.1590, eventually 1.1560. Interim range is 1.1790-1.1590. For short trades 1.1665-80 is the zone where fresh sellers are waiting and the first target is 1.1590. A profit taking between 1.1560-90 levels might turn the price up for 1.1680 retest.
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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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)
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
Article by Admiral Markets
Source: EUR/USD is Bearish Targeting 1.1560-90
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
