The EUR/USD Breaks to New Weekly High
Talking Points
-
The
EUR/USD
Breaks to New Weekly Highs
- Potential Bullish Targets Begin at 1.1334
-
SSI
Reads at -1.99
EUR
/
USD
30 Minute Chart
(Created using Marketscope 2.0 Charts)
What is in store for the Euro in 2016?
See our Analyst forecast here
!
The EUR/USD is attempting to breakout higher this morning above resistance found at 1.1264. As of today, the pair has already advanced as much as 212 pips for the week, and appears poised to continue its bullish trend. By extrapolating 1-X today’s 70 pip range, initial bullish targets for the day EUR/USD begin near 1.1334. Longer-term traders may also begin looking forward to
prices
challenging historical highs. This included the October 2015 swing high at 1.1495.
In the event of a daily bearish price reversal, the EUR/USD will first need to decline back inside of its trading range, which begins at 1.1228. This area is represented on the chart by todays’ R3 pivot, and a move here would suggest a change in market conditions. At this point, traders may consider this morning’s breakout invalidated. It should be noted that key values of support for the day include the S3 pivot point at 1.1168 and the S4 pivot at 1.1121.
SSI (
Speculative Sentiment Index
) for the EUR/SUD reads at -1.99. While this value is negative, and is just short of an extreme reading of -2.0 or greater. When read as a contrarian signal, current EUR/USD SSI reads as a bullish signal for the currency pair.
To Receive Walkers’ analysis directly via email, please
SIGN UP HERE
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
.
