EUR/USD Bearish Continuation Move Below 1.1589
The EUR/USD rejected precisely as planned in yesterday’s analysis. The rejection happened in the POC zone, and the EUR/USD went down. Today, the EUR/USD is trying to close below the trendline for a bearish continuation move. 1h momentum or 4h close below 1.1589 should provide a continuation towards 1.1542 and 1.1521. Two order blocks above are strong resistance points, and EUR/USD can get bullish only above them. However, a test of W L3 – 1.1521 seems likely.
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)
Best wishes,
Nenad
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This article was originally posted on FX Empire
