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EUR/USD Bullish Patterns Lead the Way

By Admiral Markets

As Unemployment claims are higher than expected, and PPI also failing to hit the mark, US Treasuries remain stable for now, yet the FX market leads the way, with the USD depreciating strongly today. The EUR/USD got a significant boost following the ECB minutes which had a very positive tone.

Technically the EUR/USD is very bullish. The POC zone is formed within 1.1990-1.2000 and as long as it is above 1.1910 we might see 1.2120 and 1.2150 near-term as I already analysed on my Wednesday Live Session as a trading idea. W pattern, trend line break and spike above D H4 are bullish cues. 4h close above W H3 -1.2055 should give another upside boost to the pair.

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)

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Article by Admiral Markets

Source: EUR/USD Bullish Patterns Lead the Way


Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.

 

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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