EURUSD Trades to Range Support
- Today’s EURUSD trading range measures 55 pips
- R3 range resistance is found at 1.1229
- Bearish breakouts begin under 1.1106
EURUSD 30Minute Chart
(Created using Trading View Charts)
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The EURUSD has begun Tuesday’s trading inside of a defined 55 pip pivot range. As of the US Open, the pair has moved to range support, found at the S3 Camarilla pivot at a price of 1.1174. In the event that the pair remains range bound, a bounce from support opens prices to test values of resistance. Today’s range resistance is found at the R3 pivot point displayed below, at a price of 1.1229. If prices remain between these values, traders may look to continue initiating range based positions.
It should be noted that Euro-Zone Consumer Confidence numbers are set to be released at 14:00 GMT. Euro Consumer Confidence is listed as a medium importance event on the economic calendar with an excepted release of -7.0. Any deviation from this expectation, may prove a catalyst for a EURUSD breakout. Bearish breakouts will begin under the S4 Camarilla pivot found at a price of 1.1106. A move to this point would suggest further bearish momentum on the creation of a fresh weekly low. Alternatively, a breakout above resistance, at the R4 pivot above 1.1270, In the event of a breakout, any range bound trading should be at least temporarily concluded. Traders may then adjust their positioning based off of the present market conditions.
Camarilla pivots can be usefully for identifying support and resistance values for a variety of day trading strategies. To learn more about pivots, and how to identify intraday price reversals, continue your education with DailyFX HERE.
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---Written by Walker England, Trading Instructor
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