EURUSD is showing a confluence in 1.1370 zone

2 min read

2015-05-18_13-31-33
EURUSD has been contained within an equidistant channel and it is still bought on dips. However from intraday perspectice we need to pay close attention to 1.1370-60 zone. The zone shows a good confluence of Equidistant channel bottom, L4, and 78.6 and the first touch was bought into some hours ago. If the pair proceeds to test it again it may either go for a 2nd bounce or breakout lower. Don’t forget that if EURUSD breaks the zone it could proceed to test 1.1285 and it still will be an uptrend but it is seen as a retracement on higher time frames.

That breakout could be used for short trades towards 1.1285 on BPC ( Breakout – Pullback – Continuation ) or long trades on Breakout-Retest -Continuation in THE ZONE. So pay attention carefully. Bounces from the zone target 1.1480 confluence ( Upper EQ/H3).

read the original article on AdmiralMarkets.com

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