EURUSD Morning Reversal
- EURUSD Opens to a False Breakout
- Price Breaks below its 63 pip range
- S4 support Sits at 1.0906
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 London trading. Prices moved above resistance found at the R4 Camarilla pivot near 1.1031, but quickly slipped back into the pivot range. Range resistance begins at the R3 pivot found at the psychological 1.1000 price point. Immediately price continued to decline down to range support found at the S3 pivot at a price of 1.0937.
Currently price is again trading outside of its 63 pip range. In the event that price begins to decline further, 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 a reversal back in the direction of the markets predominant trend. Conversely, if price moves back inside of range support, this may temporarily suspend any further attempts at a market breakout.
---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.