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EURUSD Attempts Second Breakout

EURUSD Attempts Second Breakout

Walker England, Forex Trading Instructor

Talking Points

  • Today’s EURUSD Range measures 43 pips
  • S4 breakouts begin at 1.1159
  • False breakouts signaled at 1.1179

EURUSD 30Minute Chart

(Created using Marketscope 2.0 Charts)

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The EURUSD has attempted two breakouts this morning in early trading. The first attempt pushed prices through the S4 Camarilla pivot, found at a price of 1.1159. The EURUSD quickly rallied from this point, with the pair soon moving back inside of todays 43 pip trading range. Even though this first breakout failed technically, it should be noted that prices are now back trading beneath today’s S4 pivot point. If current bearish momentum continues, pivot traders will begin to target a 1x extension of the previously mentioned range.

In the event prices again move back inside of the previously mentioned range, starting with the S3 pivot at 1.1179, this should be taken as a signal that the current bearish breakout environment has changed. A move above S3 opens price up to a potential bullish reversal that will begin targeting values of resistance. This includes today’s R3 range resistance pivot which is found at a price of 1.1222. If prices continue to rally, and test the R4 pivot at 1.1243, this would a significant breakout signal as the EURUSD would be trading at a new weekly high at this point.

Camarilla pivots are useful support and resistance tools for day trading. Learn more about pivot points with DailyFX! You can begin learning about markets and trading intraday price reversals with pivot points HERE.

Once you are ready to get started, register for a FREE Forex demo with FXCM. This way you can practiceyour day trading techniques while watching Forex pairs in real time.

Previous Market Setups

EURUSD Fails to Breakout on NFP News

FX Reversaks: GBPUSD Range Update

FX Reversals: EURUSD Moves to Support On News

FX Reversals: USDCAD Attempts Early Morning Breakout

FX Reversals: EURUSD Attempts Breakout on News

---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.