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EUR/USD 1.0930-1.0950 is Point Of Confluence

May 08, 2017 09:37

The expected win of newly elected president Emmanuel Macron seem to be priced in the market after a successful rally as we shown in the previous EUR/USD analysis. At this point the pair is heading towards the POC zone 1.0930-50 where we could see a possible bounce. As the ATR of EUR/USD is low - only 77 pips, levels to watch for are 1.0990 and 1.1020. However the loss of 1.0930 is a possible signal for a deeper retracement towards 1.0870. Retail gap could only be closed if the pair broke below 1.0820.

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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)

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)