EURUSD Reaches Daily Resistance
- The EURUSD attempts to close higher for the 7th day in a row
- Price is currently below range resistance at 1.1277
- A breakout above R4 would signal a bullish breakout
EURUSD 30Minute Chart
(Created using FXCM’s Marketscope 2.0 charts)
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The EURUSD is attempting to close higher for the seventh trading day in a row. However, despite advancing as much as 465 pips this week, the EURUSD is still trading inside of its daily Camarilla pivot range for Friday. Currently, range resistance sits at 1.1277 at the R3 pivot point. If price remains inside of todays 107 pip trading range, and fails to break to a new higher high, traders will begin watching for price to move back towards values of support. Currently, range support sits at the S3 pivot found at 1.1170.
If price begins to gain momentum back in the direction of the daily trend, traders will look for a breakout above the R4 pivot at 1.1330. A move about this value would suggest continued US Dollar weakness going into this weeks close. Alternatively a drop below range support, towards the S4 pivot at 1.1116, would suggest there is potential for a broader reversal against the markets predominant trend.
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---Written by Walker England, Trading Instructor
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