EUR/USD Range Has Formed Two POC Zones
|After a steady uptrend on EUR/USD, we see that important trend line has been broken and the pair has been dropping consistently for 2 days. One of the reasons why EUR/USD is dropping is possibly profit taking which was enacted by hedge funds as French elections grow closer. Today POC zone for selling is 1.0775-90 (D H3, ATR Pivot, inner trend line, EMA89) while we might expect buyers within 1.0665-85 zone (Order block, D L5, W L5, 78.6). Any break of Upper POC range (1.0790) and Lower POC range (1.0665) should establish new intraweek trend. At this point we need to treat this as range play with 2 zones where EUR/USD might react.
Quick Summary:
D H3 - Daily Camarilla Pivot (Daily Resistance)
POC - Point Of Confluence (The zone where we expect price to react - aka entry zone)
D L5 - Daily L5 Camarilla (Strongest Daily Support)
W L5- Weekly L5 Camarilla (Strongest Weekly Support)
Bullish Order Block - The height of bearish candle prior to move up
EURUSD Current Trading Positions
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