FX Reversals: EURUSD False Breakout
- The EURUSD opens trading to a false breakout
- Today’s R4 pivot sits at 1.1146
- A move below 1.1114
EURUSD 30Minute Chart
(Created using FXCM’s Marketscope 2.0 charts)
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The EURUSD has opened the day with a false breakout in early London trading. Prices moved above its R4 Camarilla pivot near 1.1141, but this initial breakout has been short lived. Prices are currently attempting to return inside of its pivot range. Today’s range begins at resistance found at the R3 pivot located at a price of 1.1117. If price continues to decline from this point, traders will begin to look for values of support including the S3 pivot found at a price of 1.1067.
Even though the EURUSD is trading back inside of today’s 50 pip range, there is always the possibility of another breakout occurring. In the event that price begins to again advance above the R4 pivot, this would suggest another attempt at bullish momentum for the day. Conversely, if prices move completely through the pivot range, and extend under the R4 pivot at 1.1042, this would hint at a larger EURUSD reversal.
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---Written by Walker England, Trading Instructor
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