EURUSD Attempts Second Breakout
- 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.
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---Written by Walker England, Trading Instructor
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