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EURUSD False Breakout

EURUSD False Breakout

Walker England, Forex Trading Instructor

Talking Points

  • EURUSD Opens to a False Breakout
  • Price Breaks into a 38 Pip Range
  • Range Support Sits at 1.1350

EURUSD 30Minute Chart

(Created using FXCM’s Marketscope 2.0 charts)

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The EURUSD has opened the day with a false breakout in early morning Wednesday trading. Prices tested resistance overnight at the R4 Camarilla pivot near 1.1377, but quickly slipped back into the pivot range. After moving back through R3 pivot, reversal traders will now look for an attempt on support at the S3 pivot at a price of 1.1350. A move to R3 would create a scenario where price has traversed the entirety of today's range.

In the event that price begins to gain momentum, trend traders may elect to look for a breakout under the S4 pivot. This would signal a potential increase in USD strength and traders would look for further declines at this point. Conversely, another breach of the R4 pivot at 1.1377 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.