The EUR/USD went into a whipsaw mode yesterday after a comment from ECB member Nowotny, who was a bit dovish about the EUR strength vs Dollar. The EUR/USD quickly dropped, testing the lower range boundaries then spiked up again. We can see that this range has been holding the pair for a full week. At this point, the EUR/USD could drop from 1.1540-60 towards 1.1520 and 1.1510. Below 1.1510 we might see 1.1470 and 1.1436. However, if the pair get above 1.1645, it should provide bulls with new strength so next targets should be 1.1690 and 1.1780.
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)
