EUR/USD Monthly Support Retest is Possible Only Above 1.1350

The EUR/USD dipped way below M L5 Pivot ( Strongest Monthly Support) and currently it is below the Weekly L3 pivot. This indicates a strong downtrend with a potential for further bearish pressure. Only a close above 1.1350 might initiate a bullish correction towards POC (1.1420-30) and POC 2 (1.1470-1.1508). However further weakness is likely as the price should reject from any of POC zones. Additionally a break below 1.1316 targets 1.1279, Weekly Support level. This breakout could happen even before any retracement to POC zones.

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• 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 the price to react aka entry zone)

Best wishes,

Nenad

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This article was originally posted on FX Empire

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