FX Reversals: EURUSD Trend Stalls
- EURUSD Opens in a 50 Pip Range
- Breakouts Signaled Under 1.1274
- Range Resistance Sits at 1.1348
EURUSD 30Minute Chart
(Created using FXCM’s Marketscope 2.0 charts)
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Despite last week’s decline, the EURUSD continues to trade flat in early morning Tuesday trading. Prices tested resistance overnight at the R3 Camarilla pivot near 1.1348, but quickly slipped back towards key levels of support. After moving through todays 50 pip trading range, the pair then attempted to breakout out below the S4 pivot at 1.1274. However, as of the US market open, price has yet to close below this value on the 30 minute chart.
In the event that price begins to gain momentum, trend traders may elect to look for a breakout under the S4 pivot. Alternatively, if price moves back inside of the current range, at the S3 line of support, then reversal traders would look for price to again attempt to move to values of resistance, including the R3 pivot point. A breach of the R4 pivot at 1.1372 would suggest price beginning a larger counter trend move with the creation of higher highs.
---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.