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EURUSD Price Breakout Update

EURUSD Price Breakout Update

2014-10-27 14:30:00
Walker England, Forex Trading Instructor
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Talking Points

  • EURUSD Opens with a False Breakout
  • Range Resistance sits at 1.2680
  • Range Reversals Triggered Under 1.2635

EURUSD 30Minute Chart

EURUSD Price Breakout Update

(Created using FXCM’s Marketscope 2.0 charts)

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The EURUSD has opened the U.S. trading session this Monday morning attempting to breakout above resistance. The breakout failed, and price is now trading inside of its predefined trading range. Currently range resistance sits at the R3 pivot, found at a price of 1.2680. Range support is found 28 pips lower, at a price of 1.2652. With price back inside of its range, range reversal traders will look for a move back towards support in the absence of any new breakouts.

In the event that range resistance breaks, and price does attempt to breakout again, traders can look to trade with the markets new momentum.

A break above the R4 line of resistance at 1.2702, would indicate another attempt of the market to create a bullish bias. Conversely, a price break blow the S4 pivot at 1.2635 would show a return of USD strength, pushing the EURUSD back in the direction of its daily trend. In either breakout scenario, todays range would be considered invalidated and traders can then consider initiating new positions based off of a break of either support or resistance.

EURUSD Price Breakout Update

Are you new to trading with pivot points? To become more familiar with Camarill Pivots and how to use them for day trading FX Reversals, check out the suggested reading links below. This way you can continue your trading education, while working towards actively incorporating pivot points into your selected day trading strategy.

Suggested Reading:

The Pivot Point Cheat Sheet

Trading Intraday Market Reversals

Scalping with Pivot Points

CCI and Camarilla Pivots

---Written by Walker England, Trading Instructor

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Contact and Follow Walker on Twitter @WEnglandFX.

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

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