FX Reversals: EURUSD Breakout Fails
- An Initial bullish breakout fails for the EURUSD
- Range reversals begin at 1.0964
- Range support starts at 1.0934
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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After traversing its daily 30 pip range, the EURUSD has opened the US trading session with a false breakout. Prices attempted a move above today’s R4 Camarilla pivot at 1.0979, but this bullish breakout quickly reversed. Prices are currently tradingback inside of today’s pivot range. As seen below, the EURUSD’s trading range begins at resistance found at the R3 pivot, at a price of 1.0964. If price continues to decline through values of support, traders will begin to look for price to target the S3 pivot found at a price of 1.0934.
Even though the EURUSD is trading back inside of today’s range, changes in market conditions may always keep the possibility of another breakout open. In the event that price begins to again advance above the R4 pivot, this would suggest another attempt at bullish momentum for the day. Conversely, if prices completely reverse, then traders will look for the EURUSD to trade below the S4 pivot found at 1.0919.
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---Written by Walker England, Trading Instructor
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