EUR in yearly bear zone
Updated
Area below yearly CLOSE (Camarilla Pivot - red line from where price rejected with pinbar on Thursday) and especially below yearly Camarilla S1 belongs to the bearish dominance.
EUR cracked below S1 for a second time and is likely to stay there. Typically price travels to Camarilla S3 which coincides with yearly pivot - remains untested (price rarely misses yearly pivots).
We might of course pull back up to fill inefficiency that was created during Friday drop but I doubt price will go higher than yearly close for now.
WHEN price makes to the yearly pivot / Camarilla S3 - the yearly range bottom - from there we might see bullish action back to the CLOSE or to Camarilla R3 (very possible).
CONTRARIAN SETUP: IF price starts trending ABOVE YEARLY CLOSE AND ABOVE Camarilla yearly R1 - it will make to Camarilla yearly R3 (1.268).
FOR EDUCATIONAL PURPOSES
EUR cracked below S1 for a second time and is likely to stay there. Typically price travels to Camarilla S3 which coincides with yearly pivot - remains untested (price rarely misses yearly pivots).
We might of course pull back up to fill inefficiency that was created during Friday drop but I doubt price will go higher than yearly close for now.
WHEN price makes to the yearly pivot / Camarilla S3 - the yearly range bottom - from there we might see bullish action back to the CLOSE or to Camarilla R3 (very possible).
CONTRARIAN SETUP: IF price starts trending ABOVE YEARLY CLOSE AND ABOVE Camarilla yearly R1 - it will make to Camarilla yearly R3 (1.268).
FOR EDUCATIONAL PURPOSES
Trade closed: target reached
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