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FX Reversals: EURUSD Support Update

FX Reversals: EURUSD Support Update

Walker England, Forex Trading Instructor


Talking Points

  • EURUSD tests support at 1.0948
  • Range resistance is located at 1.1012
  • Continuation breakouts signaled below 1.0915

USDJPY 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 USDollar has gained strength after yesterday’s FOMC event, causing Forex pairs such as the EURUSD to decline. Currently the pair is testing daily values for range support, found at the S3 Camarilla pivot at a price of 1.0948.If price has already tested support once, and if prices stay above this point traders may look for prices to bounce back towards resistance. R3 pivot resistance can be seen below at 1.1012, which resides at the top of today’s 64 pip range.

In the event that today’s range is invalidated, and USDollar strength resumes, traders will look for the EURUSD to breakout below the S4 pivot at 1.0915. A move to this point would print the pairs 3rd consecutive daily decline for the week. Conversely if prices bounces and breaks above 1.1044, this would signal a return to bullish momentum on the creation of a new higher high.

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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.