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EURUSD ECB Support and Resistance Update

EURUSD ECB Support and Resistance Update

Walker England, Forex Trading Instructor

Talking Points

  • 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

EURUSD ECB Support and Resistance Update

(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.

EURUSD ECB Support and Resistance Update

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---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.