EUR/USD Combined Bullish Patterns Targeting 1.1750 Interim Resistance

Május 31, 2018 13:51

Source: Admiral Markets MT5 with MT5SE Add-on

Positive news about Italy yesterday, sent the EUR/USD bouncing from support and making two bullish patterns. V-shaped reversal combined with Inverted Head and Shoulders saw the trend change on intraday timeframes. It looks like the EUR/USD formed two POC zones 1.1650-65 and 1.1590-1.1610. If we see a retracement, the pair could bounce again. If the price closes above 1.1708, next target is 1.1750 and 1.1820 on a breakout. Ideally for a bullish continuation 4h candle should close above 1.1750.

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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