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EUR/USD Close to the Strongest Monthly Support

May 17, 2018 12:43

The EUR/USD has been in a steady downtrend after it broke from consolidation mode. The pair went below 1.1780 yesterday, but 1.1720 is still a big hurdle for bears. The price is rejecting the W L5 level, and we could see 1.1850. However, 1.1835-50 could provide a rejection towards 1.1763 retest and 1.1720 zone. If the price hots 1.1720, we could see a bounce towards a more significant correction – 1.1895.

Source: Admiral Markets MT5 with MT5SE Add-on

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)

M L3 – Monthly Camarilla Pivot (Monthly Support)

M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)

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

Best wishes,

Nenad

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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.