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EURUSD Breakout Update

EURUSD Breakout Update

2014-10-22 14:05:00
Walker England, Forex Trading Instructor
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Talking Points

  • EURUSD Opens Lower on CPI Data
  • Breakout Signaled Under 1.2645
  • Range Reversals Triggered Inside of 1.2680

AUDJPY 30Minute Chart

EURUSD Breakout Update

(Created using FXCM’s Marketscope 2.0 charts)

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The EURUSD opened the US Trading session lower, on better than expected US CPI data. With the US Dollar strengthening, the pair immediately declined through range support found at the S3 pivot seen above. However, despite Dollar strength the pair failed to break through the S4 Camarilla Pivot. Moving forward, if downside momentum continues, traders can look to take advantage of a lower low formed under 1.2645 in the direction of the daily trend.

In the event that a breakout fails, traders will look for a resumption of trading inside of today’s trading range. Today’s range spans 69 pips and can be seen between the R3 and S3 pivot above. Currently range support sits at a price of 1.2680 and resistance is found at 1.2749. A price move between these values would signal a conclusion of today’s earlier downward momentum. At which point, traders can look to take advantage of reversal inside of the range.

EURUSD Breakout Update

Suggested Reading: Trading Intraday Market Reversals

Yesterdays Update

Tuesday’s reversal article focused on the AUDJPY opening inside of a 34 pip range. At the time of publication the pair had move through the range four times, and was moving lower off resistance. By the conclusion of trading, the pair had traversed the range two more times. To learn more about yesterday’s action, check out the FX Reversal article linked below.

FX Reversals: AUDJPY Support & Resistance 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.

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