Talking Points
- EURUSD opens in a 40 pip range
- S4 breakouts begin at 1.1160
- Range resistance sits at 1.1220
EURUSD 30Minute Chart
(Created using Trading View Charts: Click on the chart below to zoom in; after zooming in, press the play button towards the right to set the market in motion)
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The EURUSD has started Fridays trading ranging between values of support and resistance. Price is currently retesting support at the bottom of today’s trading range found at the S3 camarilla pivot at a price of 1.1180. It should be noted that price has already moved through today’s 40 pip trading range twice at this point in time. In the event that values of support hold, it raises the possibility of prices returning to values of resistance, including the R3 pivot found at 1.1220. If prices continue to range, this would mark the third straight day of consolidation for the pair.
Alternatively, if prices continue to fall below the S3 support pivot, traders will begin looking for a breakout under the S4 pivot point at 1.1160.Price has already attempted to breakout once this morning, and abearish breakout would signal an end to current range bound market conditions. In this scenario traders can begin looking for new trend based positions on the creation of new lower lows.
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Previous Market Setups
GBPUSD Reaches Range Resistance
---Written by Walker England, Trading Instructor
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