EURUSD Support and Resistance Update
- The EURUSD opens in a 64 pip range
- Today’s S4 pivot sits at 1.0806
- Range resistance starts at 1.0903
EURUSD 30Minute Chart
(Created using FXCM’s Marketscope 2.0 charts)
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The EURUSD has started Wednesdays trading ranging between values of support and resistance. Price is currently testing the bottom of today’s trading range found at the S3 camarilla pivot at a price of 1.0839. It should be noted that price has already moved through today’s 64 pip trading range once at this point. In the event that support holds, it raises the possibility of prices returning to values of resistance, including the R3 pivot found at 1.0903.
If prices continue to fall below the S3 support pivot, traders will begin looking for a breakout on the EURUSD. A breakout to lower lows would be marked by a move below S4 at 1.0806, and raise the possibility of the EURUSD declining in seven of the past eight trading sessions. A bullish alternative would be marked by a reversal of the pair breaking through the R4 pivot, which stands today at a price of 1.0936. It should be noted that a breakout in either scenario would effectively end the current range bound market conditions, and traders can adjust their trading accordingly.
Then, to practice setting up orders using Camarilla Pivots, register for a FREE Forex demo with FXCM. This way you can develop your day trading techniques while tracking the market in real time.
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---Written by Walker England, Trading Instructor
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