The EUR/USD has formed an inverted Head and Shoulders Pattern with a subsequent breakout above the highest pattern point. The price has bounced from 50.0 fibonacci retracement and it is trying to break above 1.1700. If the price breaks 1.1700 targets are 1.1715, 1.1745 and 1.1766. Breakout or close above W H3, aims for 1.1812. If the price drops below 1.1650, the way to 1.1618 will be open.
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)
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.