FX Reversals: EURUSD Moves to Support
- EURUSD Opens in a 124 pip range
- Breakouts signaled under 1.1504
- Bullish Reversals Signaled Over 1.1752
EURUSD 30Minute Chart
(Created using FXCM’s Marketscope 2.0 charts)
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The Euro has continued to slide this morning against the US Dollar. Prices traded flat lined overnight, but quickly slipped below the central pivot at 1.1628 during the UK open. Price was temporarily supported at the S3 Camarilla pivot, however declines have continued into US session trading. Currently price is testing the next value of support at 1.1504. The S4 pivot here is being challenged, and a break below this point may signal a move towards new lows.
In the event that price begins to gain momentum, trend traders may elect to look for a breakout under support. A move back inside of the range at 1.1566 would signal an opportunity for a potential reversal. In either breakout scenario, the range would be considered back in play and traders can begin to position themselves looking for a return to resistance at the R3 range pivot at 1.1690.
---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.