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EUR/USD Bears Need a Close Below 1.0470



The EUR/USD spiked from the zone I showed on Session Recap providing pips to traders who traded longs in a form of counter trend trading. Generally speaking, the trend is still bearish and to me it is clear that a weekly close below 1.0470 is needed for further downside. Technically we see 2 most prominent trend lines on H4 chart that mark the downtrend. POC zone is spotted around 1.0410-20 on 4h charts. Weekly close below 1.0470 (slight below weekly camarilla pivot) should open the door for 1.0300 and 1.0280. 1.0470 is a strong order block and historical s/r level. Weekly pivot is making an X cross ™ with a trend line so it just adds to its strength. 4h close below 1.0280 would expose 1.0200.

Wednesday, 21 Dec, 2016 / 12:50

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Source : http://www.admiralmarkets.com/analytics/technical-analysis/

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