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EUR/USD Reverse Bullish Divergence at W L3 Pivot

April 04, 2018 12:15

Source: Admiral Markets MT5 with MT5SE Add-on

The EUR/USD has formed a reverse bullish divergence exactly at W L3 Pivot point. Reverse or exaggerated bullish divergence is the type 3 divergence. The price is double bottom-ish while the oscillator makes a higher low. The EUR/USD price might bounce from 1.2255-65 and go straight up. If the 1h candle closes above the blue trend line and above EMA89 we might see 1.2291, 1.2213 and 1.2350. Ideally for bullish scenario to work out, the EUR/USD should be kept above W L3

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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