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​EUR/USD Preparing for a Bearish Breakout

June 18, 2018 11:20

Source: Admiral Markets MT5 with MT5SE Add-on

The EUR/USD has rejected from the order block close to 23.6 of it's last swing. The POC zone 1.1605-15 is also showing a retracement trend line break, so we might see a continuation towards 1.1542 and 1.1521 which is a confluence of D/W L3. In the case of a bounce next POC zone is 1.1660-90 where the important Weekly H3 pivot is. As long as the price is kept below the upper order block 1.1724, bears 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)

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