EURUSD Pre-FOMC Pivot Values
EURUSD 30Minute Chart
(Created using FXCM’s Marketscope 2.0 charts)
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The EURUSD has opened Wednesdays trading range bound, trading between pivot support and resistance. Current range bound conditions are not surprising as many traders are waiting on today’s FOMC even prior to taking positions on markets. Currently price has traded off pivot resistance at 1.0624, but has yet to test range support found at 1.0569. These values complete the current range valued at 55 pips.
During the FOMC event, any surprises may cause the EURUSD to breakout. Traders should watch the S4 pivot at 1.0541. This would signal a potential return to USD strength and a resumption of the pair’s current long term trend. Conversely if price breaks above the R4 pivot at 1.0651, it would suggest price is beginning a larger counter trend move, creating a new higher high.
---Written by Walker England, Trading Instructor
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