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EURUSD Opens in a 122 Pip Range

EURUSD Opens in a 122 Pip Range

Walker England, Forex Trading Instructor

Talking Points

  • The EURUSD opens in a 122 pip range
  • S3 support is found at 1.1230
  • A breakout below 112.14 would signal a bearish reversal

EURUSD 30Minute Chart

(Created using Trading View Charts, Click the graph to learn more)

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The EURUSD has opened Tuesday’s trading lower, with price now testing the daily S3 Camarilla pivot at 1.1230. This point on the graph represents daily support for today’s 122 pip trading range. In the event that price remains range bound, reversal traders will watch the price action for a bounce in price back towards range resistance, found at the R3 pivot at a price of 1.1352. A bounce higher also opens the possibility of a move beyond today’s R4 pivot at 1.1414. A breakout beyond this value, would be an extremely bullish scenario with price moving to a new monthly high for June.

Alternatively, if the EURUSD continues to decline through values of support, traders will begin looking for a breakout below the S4 pivot found at 1.1168. A move in price below this point would be significant, signaling a shift in momentum from yesterday’s bullish trading session. In the event that a lower low is formed, traders will begin to look for price to challenge the current weekly lows which now resides at 1.1080.

Want to learn more about day trading intraday market reversals? Join Walker England and other DailyFX hosts for a variety of day trading webinars. To learn more and register for future events, see the webinar calendar listed HERE.

---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.