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FX Reversals: EURUSD Attempts Breakout

FX Reversals: EURUSD Attempts Breakout

Walker England, Forex Trading Instructor

Talking Points

  • EURUSD opens in a 53 pip range
  • Bearish breakouts begin at 1.0928
  • Range resistance starts at 1.0955

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 been retracing for most of this week’s trading, moving as much as 209 pips against its primary downtrend. Despite this advance early in the week, prices have begun moving lower again in early Friday’s trading. Prices are currently moving on the S4 Camarilla pivot point found at 1.0928. A breakout from this resistance value, would signal the creation of a lower low and also allow traders to position themselves back in the direction of the EURUSD’s daily trend.

In the event that price begins to again gain bullish momentum, traders will look for price to reverse back inside of today’s trading range. Range support begins at 1.0955 as depicted by the S3 pivot point below. It should be noted that Friday’s 53 pip range is completed at the R3 resistance pivot at 1.1008. If price action begins moving through these values of resistance, this would potentially expose the R4 pivot which would indicate a fresh bullish breakout.

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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.