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EUR/USD Two Breakout Points Outside The Equidistant Channel

By Admiral Markets

The EUR/USD has perfectly rejected from both POCs after the setup and analysis shown on Weekly Recap and at this time it is very clear that the equidistant channel is trapping the price keeping the range bound market still in play. After a fake-out that happened yesterday 1.1720-1.1690 (which was still good to trade as a breakout trade, and what I showed during the Live Trading webinar) we can see two POC zones within the equidistant channel that might push or tank the price. If the price spikes above 1.1778 (EMA89, D H3, channel high) the target is 1.1798 and 1.1825. Above 1.1832 we should see a continuation towards 1.1875 and 1.1910. Below 1.1668 (D L5, ATR projection low, channel low), the price could drop to 1.1584.

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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)

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 price to react aka entry zone)

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Article by Admiral Markets

Source: EUR/USD Two Breakout Points Outside The Equidistant Channel


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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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