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FX Reversals EURUSD Intraday Breakout

FX Reversals EURUSD Intraday Breakout

2014-07-22 13:29:00
Walker England, Forex Trading Instructor
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Talking Points

  • EURUSD opens US trading below S4 pivot
  • A bias towards lower lows remains under 1.3502
  • A move above 1.3512 would signal a potential false breakout

EURUSD 30min Chart

FX Reversals EURUSD Intraday Breakout

(Created using FXCM’s Marketscope 2.0 charts)

The EURUSD has begun the US trading session beneath daily S4 camarilla pivot. Price began this drop by first falling below range support at 1.3512. As price continues to move towards lower lows, breakout and trend traders will look to take advantage of the currency pairs continued downside momentum. Currently price has surpassed a 1x extension of the camarilla pivot trading range, but as long as price remains under the previously mentioned line of support day traders and market scalpers can continue looking to initiate new sell based positions on the EURUSD.

Breakout traders should always be aware of the potential for a false breakout. A move back above the S3 line of support would signal another price reversal for the day and an end to current market conditions. At this point, breakout and momentum trading should be concluded and traders can consider entries with the markets new influenced direction.

FX Reversals EURUSD Intraday Breakout

Are you unfamiliar with camarilla pivots and trading intraday market reversals? Increase your trading education with DailyFX! You can continue learning and work on your trading education HERE.

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Previous Market Setups:

FX Reversals: USDJPY Resistance Update

FX Reversals: EURCAD Reaches Intraday Resistance

FX Reversals: NZDJPY Intraday Resistance

FX Reversals: EURCAD Resistance Update

---Written by Walker England, Trading Instructor

To contact Walker, email instructor@dailyfx.com. Follow me on Twitter @WEnglandFX.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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