EURGBP Intraday Market Reversal
- EURGBP Opens in a 61 Pip Range
- Range Resistance Sits at .8042
- Range Reversals Triggered Under .7950
EURGBP 2Hour Chart
(Created using FXCM’s Marketscope 2.0 charts)
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The EURGBP has advanced as much as 199 pips this week, as measured from its standing high and low. Currently price is trading outside of its daily trading range and attempting to break through todays S4 Camarilla Pivot. A price break below support has the potential to signal a reversal in price action as the EURGBP attempts a move toward lower lows.
At this point, price also has the potential to rally back inside of its trading range. A move back inside of todays 61 pip trading range could prove todays move a retracement in a broader trend. In the event that price moves back above range support at .7981 traders can begin to look for price to resume its trend by first testing range resistance. Current resistance stands at the R3 Camarilla Pivot, at a price of .8042.
Suggested Reading: Trading Intraday Market Reversals
Wednesdays Forex reversal focused on the GBPJPY beginning the trading day with a move from its range resistance. After price traversed its 140 pip range, the currency pair continued to break the S4 line of support to create a new lower low. To learn more about yesterday’s action, check out the FX Reversal article linked below.
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.