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FX Reversals: EURGBP Morning Breakout

FX Reversals: EURGBP Morning Breakout

2015-08-20 13:53:00
Walker England, Forex Trading Instructor
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Talking Points

  • The EURGBP attempts to breakout over .7123
  • Today’s range measures 39 pips
  • R3 resistance is found at .7106

EURGBP 30Minute Chart

FX Reversals: EURGBP Morning Breakout

(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 EURGBP is trading higher this morning with price action breaking out to new weekly highs above the pair’s daily R4 Camarilla pivot. Today’s R4 pivot is found at .7123, and price first attempted to break through this value on mixed GBP Retail Sales data. Since the initial move, price has retraced back towards this value of resistance. As previous resistance has become new support, bullish traders may continue to keep their bias if prices remain above this value. Bullish targets can begin with 1x extension of today’s 39 pip trading range towards .7162

In the event of a false breakout, traders will look for prices to return back inside of today’s trading range. R3 resistance, as seen in the chart above, is found at a price of .7106. If the EURGBP falls below this point, traders will look for prices to test values of support, including today’s S3 pivot point found at .7070. Conversely a decline under the S4 pivot at .7053 would suggest a broader bearish reversal is in play. In either scenario, this would suggest an end to the current bullish EURGBP momentum, while invalidating this morning’s breakout.

FX Reversals: EURGBP Morning Breakout

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Previous Market Setups

FX Reversals: EURUSD Attempts Breakout on News

FX Reversals USDJPY Pre-NFP Range

FX Reversals: EURUSD Breakout Fails

FX Reversals: GBPUSD News Breakout

FX Reversals: EURUSD Support Update

---Written by Walker England, Trading Instructor

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