EURUSD Fails to Breakout on News
- 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)
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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.
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---Written by Walker England, Trading Instructor
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.