EUR/USD Bullish Head and Shoulders Pattern During Bank Holiday

April 02, 2018 08:46

Source: Admiral Markets MT5 with MT5SE Add-on

The EUR/USD has been contained in arrange during the Easter holiday. Banks are on holidays, so the slow-moving price is a regular thing. On Friday and early Monday, the EUR/USD has formed a bullish SHS pattern, and we might see a breakout to the upside or a continuation move possibly during US session. However, this could also be a false move due to thin liquidity that usually happens on holidays due to fewer market participants. If technical analysis is followed, then the pair should spike from 1.2310-10 zone and close above the SHS trend line (green). A close above targets 1.2370. 4h close or strong H1 momentum candle above 1.2370 targets 1.2423. As long as 1.2264 holds the price, bulls should be safe.

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)

Best wishes,

Nenad

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