EURUSD ECB Support and Resistance Update
- EURUSD opens in a range despite News
- Range resistance it’s at 1.0702
- A break below S4 support has bearish implications
EURUSD 30Minute Chart
(Created using FXCM’s Marketscope 2.0 charts)
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The EURUSD has opened the day moving towards support in early London trading. However, despite the ECB holding its banking rate announcement today, the pair has yet to breakout. Currently price is found near range support at the S3 Camarilla pivot near 1.0606. In the event that price remains supported, traders will begin to look for a bounce in price towards levels of resistance, including the R3 pivot found today at a price of 1.0702.
Despite price opening inside of a 96 pip range, statements from the ECB still have the ability to progress price to a breakout point. A EURUSD decline below the S4 pivot at 1.0557 would suggest a return to USD strength and raise the possibility of the creation of future lower lows. Conversely, if price moves back through its trading range, and breaches the R4 pivot at 1.0751, this would open the market for a potentially broader bullish move.
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---Written by Walker England, Trading Instructor
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