EUR/USD is Bullish but Close to Strong Resistance

The EUR/USD has made a breakout of inverted head and shoulders pattern but the upside could be contained due to strong resistance close to M H3 and W H4 pivot points along with historical sellers. 1.1735-55 is the POC zone and we might see some rejections there in the zone. Only above 1.1760 the EUR/USD should proceed with 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 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 the price to react aka entry zone)

Best wishes,

Nenad

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