FX Reversals: EURUSD Attempts Breakout on News
Talking Points
-
The
EURUSD
opens in a 64 pip range
-
Prices
bounce on better than expected news
- R4 resistance at 1.1082 signals a bullish breakout
EURUSD 30Minute
Chart
(Created using Trading View Charts: Click on the chart below to zoom in; after zooming in, press the play button towards the right to set the market in motion)
Looking for more FX Reversals? Sign up for my email list here:
SIGN UP HERE
The EURUSD has rallied this morning on a better than expected
ZEW survey
. Prices were initially depressed, dropping as low as 1.0960, but the pair immediately rebounded back on the better than expected news. Ultimately prices have rallied through the entirety of today’s 64 pip trading range, with prices now trading above the R3 Camarilla pivot point at 1.1050. If bullish momentum continues, traders will begin looking for a breakout above the R4 pivot point at 1.1082.
While the EURUSD is initially bullish in early trading, a move back inside of today’s trading range would signal an end to current trading conditions. As mentioned above, range resistance is found at the R3 pivot. In the event prices drop below this value, traders will begin looking for prices to test values of support including the S3 pivot found at 1.0986.
Are you unfamiliar with
camarilla pivots
and trading intraday market reversals? Increase your trading education with ! You can continue learning about Forex and working on your trading education
HERE
.
Then, to practice setting up orders using Camarilla Pivots, register for a
FREE Forex demo with FXCM
. This way you can develop your scalping techniques while tracking the market in real time.
Previous Market Setups
FX Reversals USDJPY Pre-NFP Range
FX Reversals: EURUSD Breakout Fails
FX Reversals: GBPUSD News Breakout
FX Reversals: EUR
USD Support Update
FX Reversals: USDJPY Attempts 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)
