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​EUR/USD is Bullish but Close to Strong Resistance

August 30, 2018 20:36

EUR/USD Technical AnalysisSource: Admiral Markets MT5 with MT5SE Add-on

The EUR/USD has made a breakout in the form of an inverted head and shoulders pattern, but the upside could be contained due to strong resistance close to the M H3 and W H4 pivot points, along with historical sellers. 1.1735-55 is the POC zone, and we might see some rejections within the zone. Only above 1.1760 the EUR/USD should we proceed with a bullish move targeting 1.1808. Rejections from the POC zone should target 1.1688 and 1.1630, with the continuation towards 1.1553 on a 4h close below 1.1630.

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

M H4 - Monthly Camarilla Pivot (Very Strong Daily Resistance)

M L3 – Monthly Camarilla Pivot (Daily Support)

M L4 – Monthly H4 Camarilla (Very Strong Daily Support)

POC - Point Of Confluence (The zone where we expect the price to react - aka the entry zone)

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.