EURUSD Trades to Daily Pivot Resistance
Talking Points
-
Today’s
EURUSD
trading range measures 64 pips
- R3 range resistance is found at 1.1216
- Bearish Breakouts at S4 under 1.1120
EURUSD 30Minute
Chart
(Created using Trading View Charts)
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The EURUSD has opened inside of a 64 pip trading range and has moved toward resistance in early US session trading. Today’s range resistance is found at the R3 Camarilla pivot at a price of 1.1216. If
prices
remain beneath resistance, and markets continue ranging, it opens price to trade back towards values of support including the S3 pivot found at 1.1152. It should be noted that prices have failed to breakout this morning on US trade balance figures, and a light
economic calendar
for the rest of the day may support continued range bound market conditions.
In the event of a directional move, traders will begin looking for a bullish breakout above today’s S4 pivot point at a price of 1.1248. In this scenario, traders may look to target a 1x extension of the range towards a price of 1.1312. Alternatively, in the event of a price reversal from resistance, traders will look for a bearish breakout of the EURUSD below the S4 pivot found at a price of 1.1120. A move to this point would be significant as it would be the first bearish breakout in the last four trading days. In either breakout scenario, the market would be signaling a change to current conditions, and traders should adjust their trading accordingly.
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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
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