EURUSD Pre-News Range
- EURUSD awaits news for direction
- Range resistance is found at 1.1049
- Bearish breakouts begin at 1.0931
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 opened Wednesday's trading inside of a defined Camarilla pivot range, trading between both the S3 and R3 pivot points. Current range bound conditions are to be expected as many traders are waiting on today’s FOMC meeting minutes release prior to taking new positions on markets. Currently price is trading just off pivot resistance, found at the R3 at a price of 1.1049. Prices have advanced to this point after testing range support (S3) overnight at 1.0971. These values complete the current range which measures at 78 pips.
During today’s news event any surprises may cause the EURUSD to breakout. Traders should watch the S4 pivot at 1.0931. This would signal a potential return to USD strength and a resumption of the pair’s current long term daily trend. Conversely if price breaks above the R4 pivot at 1.1087, it would suggest the beginning of a bullish reversal on the creation of a higher high.
Then, to practice setting up orders using Camarilla Pivots, register for a FREE Forex demo with FXCM. This way you can develop your scalping techniques while tracking the market in real time.
Previous Market Setups
---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.