EUR/USD Possible bounce at W L3 -1.2246
The EUR/USD has reached 1.2257 and bounced just above W L3 level 1.2246. At this point the W L3 holds the pair from further drop as it makes a confluence with D L3 level. If we see a retracement, pay attention to 1.2305-20 the POC zone. The EUR/USD might reject from the zone re-testing 1.2254-46. Further drop is expected below W L3 towards 1.2220 and 1.2204. Only 4h close above W H3-1.2338 should bring the pair into the bullish mode targeting 1.2372.
W H3 -Weekly Camarilla Pivot (Weekly Interim Resistance)
Your capital is at risk
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
Follow Admiral Markets on Facebook – @AdmiralMarkets on Twitter – for the latest market updates.