Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

EUR/USD: Bullish POC Zone Above 1.0560

Published 01/16/2017, 07:15 AM
Updated 01/31/2022, 02:45 AM

The EUR/USD has turned bearish around 1.0660 where it was sold heavily as expected. The pair is currently ranging but as long as interim key support at 1.0500 is intact it might spike again. This time bulls might have a control as we see a confluence at 1.0560-80 (ABCD, L5, ATR, Order block). The spike above the POC might retest 1.0620 and 1.0685 subsequently.

Additionally, we might see bears again around 1.0685 as we can easily see historical sellers there. Break of 1.0500 will put EUR/USD bears in stronger control. I personally don't believe in any sustained rally in this pair, so if you take long positions, it is advised to scale out and place protective profit stops once you are in the profit.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.