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​EUR/USD is Bullish but Close to Strong Resistance

August 30, 2018 11:36

EUR/USD Technical AnalysisSource: Admiral Markets MT5 with MT5SE Add-on

The EUR/USD has made a breakout in the form of an inverted head and shoulders pattern, but the upside could be contained due to strong resistance close to the M H3 and W H4 pivot points, along with historical sellers. 1.1735-55 is the POC zone, and we might see some rejections within the zone. Only above 1.1760 the EUR/USD should we proceed with a bullish move targeting 1.1808. Rejections from the POC zone should target 1.1688 and 1.1630, with the continuation towards 1.1553 on a 4h close below 1.1630.

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 Daily Resistance)

M L3 – Monthly Camarilla Pivot (Daily Support)

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

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

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