EURUSD Reverses Early Morning Decline
- EURUSD opens to a false breakout
- Today’s trading range starts at 1.0707
- A breakout above 1.0796 may signal a broader reversal
EURUSD 30Minute Chart
(Created using FXCM’s Marketscope 2.0 charts)
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The EURUSD has opened this morning attempting to breakout towards lower lows. However, despite printing a new weekly low at 1.0675 price has failed to stay below its S4 pivot at 1.0678. Price is currently being seen moving back inside of its pivot range, starting at the S3 Camarilla pivot found at 1.0707. If price remains supported at this value, it may suggest a price bounce from this point towards values of resistance. Currently todays R3 pivot sits at 1.0767, completing todays 60 pip range.
In the event that price trades back below its S4 pivot, this would open the possibility of another daily close lower for the week. However, a reversal through today’s trading range and a breakout above the R4 pivot at 1.0796 would suggest a reversal back in the direction of the EURUSDs previous short term trend.
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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.