EUR/JPY Hidden Bullish Divergence Within the Zone

The EUR/USD is in a strong bullish trend and as we can see on the chart the price has pierced through 1.1800 driven by risk sentiment and the Spain situation. Today FOMC meeting minutes are the most important event so we might see two-way price action. At this point the price is still going up straight from the trend line and 23.6 fib. Continuation above 1.1855 aims for 1.1880 and 1.1895. However, if the price gets in a retracement phase watch for 1.1760-75 zone (D L4, EMA89, trend line, ATR low, W H3). Targets remain the same if the pair breaks 1.1810 on the bounce up. Only a move below 1.1750 might make a bearish breakout towards 1.1720 and 1.1695.

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)

PPR - Progressive Polynomial Channel

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

EURUSD

Trading with currencies and CFDs is speculative in nature and could involve the risk of loss. Such trading is not suitable for all investors. Before using the services of Admiral Markets AS please acknowledge the risks associated with trading, terms and conditions of the services and consult and expert if necessary.