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EURUSD Remains Range-Bound

EURUSD Remains Range-Bound

Walker England, Forex Trading Instructor

Talking Points

  • Today’s EURUSD range measures 49 pips
  • S3 support is found at 1.1291
  • Bearish breakouts begin below .7255

EURUSD 30Minute Chart

(Created using Trading View Charts)

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The EURUSD moved to values of support this morning, but so far has failed to breakout towards lower lows. Current support is found at the S3 Camarilla pivot point, found at a price of 1.1291. If prices remain support, traders will expect the EURUSD to continue trading sideways inside of todays 49 pip trading range. This means price may bounce from support towards values of resistance, including the R3 pivot displayed above at a price of 1.1340.

Despite prices failing to breakout on US Advanced Retails Sales numbers this morning, a late day breakout is always a possibility if market volatility increases. If price action rises above the R4 pivot, found today at 1.1365, this would suggest a fresh bullish bias for the pair on the creation of a new higher high. Conversely, a breakout below the S4 pivot found at 1.1266, would open the EURUSD up towards future declines on the creation of a new weekly low. In either breakout scenario, it should be noted that all range based positioning should be concluded. At which point, traders can adapt their trading to the markets chosen direction.

Camarilla pivots are great tools for finding daily values of support and resistance. To get started learning about markets and trading intraday price reversals, continue your education with DailyFX 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

EURGBP Continues to Trade in Range

AUDUSD Retraces to Resistance

EURUSD Attempts Second Breakout

EURUSD Fails to Breakout on NFP

---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.

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