EUR/USD Bullish SHS Pattern Close to D L3 Camarilla Pivot

Prosinec 19, 2017 11:52

As I showed yesterday on my Session Recap webinar, the EUR/USD made the retracement to 1.1770 zone and rejected as planned. We can see a Bullish SHS pattern (inverted Head and Shoulders) formed slightly above the D L3 Camarilla pivot. That implies a potential continuation of a bullish setup towards 1.1834 and 1.1878. However, a clear h1 or h4 close above 1.1825 is needed for the price to proceed further up. In case of retracement, pay attention to 1.1760-75 zone again ( right shoulder, 78.6, atr pivot, D L3) and a possible rejection again. As long as the price is held above the W L3 - 1.1714 the EUR/USD is bullish.

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)

Follow @TarantulaFX on twitter for latest market updates

Sign up for Live Trading Webinars with Nenad Kerkez T

Connect with Nenad Kerkez T on Facebook for latest market update

Read the Camarilla trading blog