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EUR/USD Triple top at 88.6 Fib

October 20, 2017 09:24

The EUR/USD has formed a triple top pattern exactly at 88.6 fib of the major H1 swing. USD/JPY strength that I have presented as a trading idea on my yesterday's webinar moved the EUR/USD first to the upside then rejection happened due to negative correlation. However the EUR/USD has reached 1.1858 and only momentum above this triple top can move the price further to 1.1876 and 1.1900. At this point the price is breaking 1.1800 support and the further rejection from this POC zone (61.8, D L4,EMA 89, trend line) 1.1800-20 could tank the price towards 1.1790, 1.1760 and 1.1730. It is important to watch these levels because the EUR/USD has already made its full ATR projection and should move further on profit taking momentum as it is Friday.

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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