EURUSD Moves on Lower Lows
- EURUSD Opens to a Lower Low
- Range Support Sits at 1.0652
- Counter Trend Reversals Begin Over R4
EURUSD 30Minute Chart
(Created using FXCM’s Marketscope 2.0 charts)
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The EURUSD has opened Wednesdays trading with the creation of a new weekly lower low. This decline is significant as the pair has declined as much as 347 pips week to date. However, despite its weakness the EURUSD is attempting to trade back above todays S4 Camarilla pivot at 1.0607. While this does not negate the current downtrend, traders will watch to see if price moves back into today’s trading range starting at the S3 pivot near 1.0652. In the event price breaches this point, traders may begin looking for a move back up towards range resistance at 1.0741.
In the event that price begins to again gain momentum, trend traders may elect to look for a breakout again under the S4 pivot. This would signal a potential increase in USD strength and traders would look for further declines at this point. Conversely if price trades through todays range, towards the R4 pivot at 1.0786, it would suggest price beginning a larger counter trend move with the creation of a new higher high.
---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.