EUR/USD Two-Way Price Action Within the Rectangle Range

Travanj 11, 2018 13:25

Source: Admiral Markets MT5 with MT5SE Add-on

The EUR is getting stronger as we could see from yesterday's EUR/JPY analysis. The EUR/USD follows but contrary to EUR/JPY; we can see a rectangle consolidation which is not a sign of a healthy trend. That implies a range-bound price action with two possible bouncing spots. 1.2420-40 is the zone for shorts – POC (s). If the price reaches the zone, we might see a rejection towards 1.2350 and 1.2315. However, if the price drops to 1.2244-68, we might see a bounce towards 1.2315 and 1.2350. The short-term movement will stay within the range as long as this rectangle holds.

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 Monthly Resistance)

M L3 – Monthly Camarilla Pivot (Monthly Support)

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

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

Best wishes,

Nenad

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