EUR/USD Drop Below 1.1200 is Possible

The EUR/USD has started a retracement from the overbought area. We might see a complete reversal if the price breaks below W L3 camarilla.

The EUR/USD inability to proceed above the 1.1330 has initiated a drop from the POC zone above. 1.1265-75. The overbought condition has been confirmed. The trade was initiated at the red candle close. Targets are 1.1213 and 1.1135. Below 1.1097 is possible too. Final weekly target is 1.1025 but we need to have additional bearish momentum.

The Analysis has been done with the CAMMACD.Core and Sit Systems

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Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.