Source: Admiral Markets MT5 platform
The EUR/USD has touched Daily H5 camarilla resistance and we can see a retracement that might target the POC zone. POC zone 1.2430-15 could reject the pair but if the EUR/USD drops below the trend line, we might see a deeper retracement. Pay attention to order block confluence with 23.6 around 1.2461 as it can also reject the pair above 1.2500 towards 1.2530. Its not just a coincidence that the pair was sold at 1.2530 as the levels is the strong D H5 resistance.
If the EUR/USD drops below the 1.2415 we could see a deeper retracement towards 1.2373 and 1.2340.
D H3 - Daily Camarilla (Strong Daily Resistance)
D H4 - Daily Camarilla (Very Strong Daily Resistance)
D H5 - Daily Camarilla (Strongest Daily Resistance)
D L3 – Daily Camarilla (Daily Support)
D L4 – Daily Camarilla (Very Strong Daily Support)
D H5 - Daily Camarilla (Strongest Daily Support)
POC - Point Of Confluence (The zone where we expect price to react aka entry zone)
Follow @TarantulaFX on twitter for latest market updates
Sign up for Live Trading Webinars with Nenad Kerkez T
Connect with Nenad Kerkez T on Facebook for latest market update