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EUR/USD Ascending Trend Line is Still Valid

February 05, 2018 09:00

Source: Admiral Markets MT5 with MT5SE Add-on

The EUR/USD has recovered from the NFP lows it posted on Friday and at this point its trying to break W H1 that is an interim resistance. The EUR/USD is rejecting from the POC zone 1.1.2440-50 and if 1.2425 stays firm, we could see 1.2485, 1.2506 and eventually 1.2516. There are also multiple bullish patterns that suggest a possible upside continuation. ( Bullish SHS and W breakout) with an ascending trend line zig zag. However, if the price breaks below W L3 - 1.2400 we could see a drop to 1.2350.

W H1 -. Weekly Camarilla Pivot (Interim resistance - Weak)

W H2 - Weekly Camarilla Pivot (Weekly resistance)

W H3 - Weekly Camarilla Pivot (Weekly resistance - main)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

W L4 - Weekly Camarilla Pivot (Interim support - Strong)

W L3 – Weekly Camarilla Pivot (Interim support - Main)

W L2 – Weekly Camarilla Pivot (Interim support)

W L1 - Weekly Camarilla Pivot (Interim support - Weak)

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

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