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EURGBP Range Reversal Update

EURGBP Range Reversal Update

2014-10-03 15:37:00
Walker England, Forex Trading Instructor

Talking Points

  • EURGBP Stays Range Bound Post NFP
  • Range Support Sits at .7864
  • Range Reversals Triggered Under .7808

EURGBP 30min Chart

EURGBP Range Reversal Update

(Created using FXCM’s Marketscope 2.0 charts)

Suggested Reading: Trading Intraday Market Reversals

Traders looking to avoid the volatility of this morning’s NFP event, can set their sights on currency crosses such as the EURGBP. Thia pair remained quiet, despite the rest of the market’s volatility, and has maintained its 38 pip trading range. Currently price has bounced off of range support, found at the R3 pivot depicted above. This will allow reversal traders to target the R3 line of resistance at .7864, in the event that price stays range bound.

If price moves out of the marked trading range, traders can begin positioning for a breakout. A drop below the S4 pivot, at a price of .7808, would signal the creation of a lower low and a move back in the direction of the daily trend. A move above R4 resistance at .7882 would create a bullish bias on the EURGBP on a break to new high highs. In either breakout scenario, traders should consider concluding any range bound positioning and trading with the markets new found momentum.

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EURGBP Range Reversal Update

Yesterdays Update

Yesterday began with the NZDUSD breaking out to higher highs above R4 resistance. After prices attempted to retrace, the NZDUSD had again tested new highs by the conclusion of the trading day. To learn more about yesterday’s action, check out Thursday’s FX Reversal article linked below.

FX Reversals: NZDUSD Breakout Update

Then, to practice setting up orders using Camarilla Pivots, register for a FREE Forex demo with FXCM. This way you can develop your day trading techniques while tracking the market in real time.

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---Written by Walker England, Trading Instructor

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