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FX Reversals: EURUSD Support Update

FX Reversals: EURUSD Support Update

2014-08-06 13:10:00
Walker England, Forex Trading Instructor
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Talking Points

  • EURUSD Tests S4 Support
  • Breakout signaled under 1.3338
  • Range Support Starts at 1.3357

AUDUSD 30min Chart

FX Reversals: EURUSD Support Update

(Created using FXCM’s Marketscope 2.0 charts)

The EURUSD has started the US Trading session attempting to breakout to a lower low for the second day in a row. While price tested the last line of support for the pair at S4, it failed to break during this morning’s U.S Trade Balance news release. Support still sits at the S4 camarilla pivot, residing at 1.3338. If price breaks and closes below this value, it would become a strong indication that the EURUSD is moving towards lower lows for the remainder of the trading day.

Breakout and trend trader can take advantage of this directional reversal, by looking for opportunities to sell the EURUSD with current market momentum.

If the EURUSD fails to breakout, traders should watch for price to reverse back into a defined trading range. A move of this type, could signal a false breakout and a return to less volatile market conditions. Currently the range is defined by S3 support at .1.3357 and resistance at 1.3393. A confirmed price advance back to this point would invalidate the creation of any lower lows, at which traders should consider concluding any breakout trades.

FX Reversals: EURUSD Support Update

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---Written by Walker England, Trading Instructor

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

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