EURUSD Remains Supported Before News
Talking Points
-
Today’s
EURUSD
trading range measures 57 pips
- S3 range support is found at 1.1147
- Bearish breakouts begin under 1.1118
EURUSD 30Minute
Chart
(Created using Trading View Charts)
Looking for more FX Reversals? Sign up for my email list here:
SIGN UP HERE
The EURUSD has opened inside of a 57 pip trading range and is now trading at support found at the S3 camarilla pivot at a price of 1.1146. If
prices
remain supported, it may open the pair to test values of support including today’s R3 pivot found at a price of 1.1203. It should be noted that there is USD specific news on tap for later in this morning’s trading session.
US initial jobless claims
figures are set to be released at 12:30 GMT today. Expectations are set at 272K and any deviation from this value may cause the EURUSD along with other USD based pairs to react accordingly.
If the news prompts the EURUSD to continue its decline, traders will look for a bearish breakout below the S4 pivot point at a price of 1.1117. A move to this point would be significant as it would create a new weekly low for the pair. Traders, using a 1x extension of today’s range, will place preliminary targets for a bearish breakout at 1.1060. Alternatively, in the event of a bullish price reversal from today’s event, the EURUSD would be expected to move back through the range to test key points of resistance. This would include the R4 resistance pivot found at 1.1232 A move to this point would suggest fresh bullish momentum on a breakout to a higher high. In either breakout scenario, traders may then use the markets chosen direction to initiate new trend based positions.
Let pivot points help you in your technical trading. Learn to use
Camarilla pivots
with
HERE
.
Once you are ready to get started, register for a
FREE Forex demo with FXCM
. This way you can practiceyour day trading techniques while watching Forex pairs in real time.
DISCLOSURES
Previous Market Setups
GBPUSD Attempts 3rd Daily Decline
USDCAD Stalls at Resistance
AUDUSD Attempts 3rd Daily Breakout
EURUSD Trades to Range Support
GBPUSD Attempts 3
rd
Bullish 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)
