EURUSD Resistance Breaks on News
- The EURUSD breaks resistance on news
- Today’s R4 breakout pivot is located at 1.1292
- A move to R3 would suggest a change in market conditions
EURUSD 30Minute Chart
(Created using FXCM’s Marketscope 2.0 charts)
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The EURUSD is showing signs of an early morning breakout as prices move above today’s R4 pivot at 1.1291. The initial price jump for the pair came on worse than expected Advanced Retail Sales data, which was released at 0.0% relative to an expected .02%. As this morning’s move matures, traders will continue to watch the R4 pivot, which will now act as a value of support in the event of a further bullish advance for the EURUSD.
Alternatively, a move back inside of today’s pivot range would suggest a reversal of the EURUSD’s current price momentum.Wednesday’s pricing range begins at the R3 pivot found at a price of 1.1252. A move back inside of the R3 pivot, would open the possibility of a price reversal on the day back towards values of support. This would include the S3 support pivot, which is found at the bottom of today’s 80 pip range at a price of 1.1172. A further decline below the S4 pivot at 1.1132 would open the market to a bearish breakout and the potential for a broader market reversal.
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---Written by Walker England, Trading Instructor
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