EURUSD Morning Reversal
Talking Points
-
EURUSD
Opens to a False Breakout
- Price Breaks below its 63 pip range
- S4 support Sits at 1.0906
EURUSD 30Minute
Chart
(Created using FXCM’s Marketscope 2.0 charts)
Looking for more FX Reversals?
S
ign up for my email list here:
SIGN UP HERE
The EURUSD has opened the day with a false breakout in early London trading.
Prices
moved above resistance found at the R4
Camarilla pivot
near 1.1031, but quickly slipped back into the pivot range. Range resistance begins at the R3 pivot found at the psychological 1.1000 price point. Immediately price continued to decline down to range support found at the S3 pivot at a price of 1.0937.
Currently price is again trading outside of its 63 pip range. In the event that price begins to decline further, trend traders may elect to look for a breakout under the S4 pivot. This would signal a potential increase in
USD
strength and traders would look for a reversal back in the direction of the markets predominant trend. Conversely, if price moves back inside of range support, this may temporarily suspend any further attempts at a market breakout.
—Written by Walker England, Trading Instructor
To Receive Walkers’ analysis directly via email, please
SIGN UP HERE
To contact Walker, email
.
Contact and Follow Walker on Twitter @WEnglandFX.
Video Lessons || Free Forex Training
Trading Using Fibonacci (13:08)
Reading the RSI, Relative Strength Index (13:57)
Money Management Principles (31:44)
Trade Like a Professional Workshop (1:44:14)
