Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EURUSD Fails to Breakout on News

EURUSD Fails to Breakout on News

Walker England, Forex Trading Instructor

Talking Points

  • EURUSD starts trading in a 153 pip range
  • Price is bouncing from support at 1.1073
  • R4 breakouts begin at 1.1303

EURUSD 30Minute Chart

(Created using Trading View charts, Click to Learn More)

Looking for more FX Reversals? Sign up for my email list here: SIGN UP HERE

After rising as much as 279 pips in yesterday’s trading, today the EURUSD has been moving sideways in a defined range. This current range bound environment comes in spite of a heavy event risk, which includes the ECB rate decision. Currently, price is attempting to bounce from range support, found at the S3 Camarilla pivot at 1.1073. If prices remain supported, there is a possibility that the EURUSD may resume its advance to values of resistance, which includes todays R3 at 1.1226.

With more event risk still to come, traders may continue looking for breakouts on the pair. A breakout above the R4 pivot at 1.1303 would add validity to yesterday’s bullish price action. Conversely, a move below the S4 pivot at 1.0996 would suggest a bearish reversal counter to this week’s predominant trend. In either scenario, traders should consider concluding any range bound positioning and trade with the markets new found momentum.

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.

Click HERE to Register Now

---Written by Walker England, Trading Instructor

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

To contact Walker, email instructor@dailyfx.com.

Contact and Follow Walker on Twitter @WEnglandFX.

Video Lessons || Free Forex Training

Trading Using Fibonacci (13:08)

Reading the RSI, Relative Strength Index (13:57)

Money Management Principles (31:44)

Trade Like a Professional Workshop (1:44:14)

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES