EUR/USD Finds Resistance Ahead of FOMC
Talking Points
-
EUR/USD
resistance is found at 1.1072
-
FOMC
event risk could cause
US Dollar
pairs to breakout
- Bearish reversals begin under 1.1059
EURUSD 30 minute
Chart
(Created using Trading View Charts)
Looking for more analysis on markets? Sign up for my email list here:
SIGN UP HERE
The
EUR
/
USD
has moved to daily values of resistance this morning ahead of today’s highly anticipated
FOMC event
. Currently resistance is found at the R4 pivot point, displayed above at a price of 1.1072. While
prices
have yet to attempt any significant breakout, traders will be looking towards today’s news at 18:00 to give the pair further direction. Expectations are that key interest rates are to be left at .25%, but any adjustments to this policy could have drastic affects for the EUR/USD and other US Dollar crosses. In the event of a breakout above the R4 pivot, traders may begin looking for a 1x extension of today’s 27 pip range towards a price of 1.1089.
In the event that the US Dollar begins to rally, traders will look for a reversal in EUR/USD prices. A move below the R3 Camarilla pivot point, found at a price of 1.1059, opens prices up to testing valeus of support. It should be noted that S3 range support pivot is found at a price of 1.1032. As well, bearish breakouts begin for the EUR/USD at 1.1019. A move to this point would be significant, as it would be the pairs first bearish breakout since last
Thursdays 252 pip decline
. In this scenerio, traders should conclude that bullish momentum that has at least temproarily been suspended and begin looking for new positions based on the markets chosen direction.
—Written by Walker England, Trading Instructor
To Receive Walkers’ analysis directly via email, please
SIGN UP HERE
To contact Walker, email
.
See Walker’s most recent articles at his
Bio Page
.
Do you know the biggest mistake traders make? More importantly, do you know how to overcome the biggest mistake? Read page 8 of the
Traits of Successful Traders Guide
to find out [free registration required].
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)
