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Nenad Kerkez
EUR/USD Bouncing at 50.0 Fibonacci Retracement

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)

Best wishes,

Nenad

Follow EliteCurrenSea on Facebook – @tarantulafx on Twitter – for the latest market updates.

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