EUR/USD Confluence at Channel Top

The EUR/USD has been trapped within the bearish channel, with clear levels where it might react. The ATR of the pair is not big but there is still room for a good intraday movement. The POC zone 1.0710-25 (DPP, H3, EMA89, channel top) could reject the price again on a retest. The pair seems on its way towards 1.0625 an X cross ™ confluence support. H1 momentum or close below 1.0625 could be a breakout opportunity towards 1.0608 – projection low and 1.0585 L5 support. However, if 1.0735 breaks to the upside, it will signal an interim strength and some covering so the EUR/USD could spike to 1.0775.

EUR/USD Chart
EUR/USD Chart

Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets.

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.