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​EUR/USD Pre-NFP Analysis: Bullish Running Triangle Pattern

July 06, 2018 12:06

Source: Admiral Markets MT5 with MT5SE Add-on

The EUR/USD is showing higher highs and higher lows that indicates a bullish zigzag. The MACD is also positive, meaning we have a confluence of price and technical indicator. However, today is NFP with the Unemployment rate and Average Hourly Earnings data. This single event might be volatile as always, so we need to focus on breakouts. Above 1.1735 targets are 1762 and 1788 with a potential for 1.1820. However, a drop below 1.1670 should target 1.1653 and 1.1620 with a potential for 1.1575. The price action and direction is a very data dependent.

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)

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.

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