EUR/USD 1.1725-1.1690 is the Important Zone

October 02, 2017 09:02

The EUR/USD has been retreating from Friday's highs due to yesterday's events in Catalonia. Spanish IBEX opened lower while other European equities were mixed. The EUR/USD is trying to reach 1.1725-1.1690 zone where it could decide about the next direction. A bounce from the zone could target 1.1740 followed by 1.1828. Only a 4h or daily close above 1.1828 might return the pair into the positive progressive channel. If the pair drops below 1.1690, it could be trapped in the bearish AP (Andrew's Pitchfork) and we might see the return of the bearish trend towards 1.1592.

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)

PPR - Progressive Polynomial Channel

AP -Andrew's Pitchfork

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

Follow @TarantulaFX on twitter for latest market updates

Connect with Nenad Kerkez T on Facebook for latest market update

Admirals An all-in-one solution for spending, investing, and managing your money

More than a broker, Admirals is a financial hub, offering a wide range of financial products and services. We make it possible to approach personal finance through an all-in-one solution for investing, spending, and managing money.