EURUSD Fails to Breakout on NFP News
- The EURUSD stays range bound despite news
- Today’s range measures 86 pips
- S4 breakouts begin under 1.1036
EURUSD 30Minute Chart
(Created using Trading View Charts)
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After yesterday’s bearish breakout, the EURUSD is currently range bound despite today’s NFP (Non-Farm Payroll) news release. Expectations were set at 217k for this morning’s event. However, even with results coming in worse than expected, at 173k, the EURUSD has failed to breakout. Prices are currently moving off of range resistance, which is found at the R3 pivot at a price of 1.1165. If current market conditions persist, it opens the possibility of price action returning towards today's range support found at 1.1079.
If prices continue to drop, crossing through values of range support, traders will begin looking for a fresh bearish breakout beneath today’s S4 pivot at a price of 1.1036. This would be considered a resumption of the pairs current trend, as price would be creating a new weekly low beneath this point. In this scenario, traders can start setting breakout targets towards a 1x extension of today’s 86 pip trading range. Alternatively, a bullish breakout would be considered above the R4 pivot point found at 1.2079. A move to this value, would suggest an end to current market conditions, opening the market up to the creation of new higher highs.
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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.