News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
EURUSD Remains Supported Before News

EURUSD Remains Supported Before News

Walker England, Forex Trading Instructor

Talking Points

  • Today’s EURUSD trading range measures 57 pips
  • S3 range support is found at 1.1147
  • Bearish breakouts begin under 1.1118

EURUSD 30Minute Chart

EURUSD Remains Supported Before News

(Created using Trading View Charts)

Looking for more FX Reversals? Sign up for my email list here: SIGN UP HERE

The EURUSD has opened inside of a 57 pip trading range and is now trading at support found at the S3 camarilla pivot at a price of 1.1146. If prices remain supported, it may open the pair to test values of support including today’s R3 pivot found at a price of 1.1203. It should be noted that there is USD specific news on tap for later in this morning’s trading session. US initial jobless claims figures are set to be released at 12:30 GMT today. Expectations are set at 272K and any deviation from this value may cause the EURUSD along with other USD based pairs to react accordingly.

If the news prompts the EURUSD to continue its decline, traders will look for a bearish breakout below the S4 pivot point at a price of 1.1117. A move to this point would be significant as it would create a new weekly low for the pair. Traders, using a 1x extension of today’s range, will place preliminary targets for a bearish breakout at 1.1060. Alternatively, in the event of a bullish price reversal from today’s event, the EURUSD would be expected to move back through the range to test key points of resistance. This would include the R4 resistance pivot found at 1.1232 A move to this point would suggest fresh bullish momentum on a breakout to a higher high. In either breakout scenario, traders may then use the markets chosen direction to initiate new trend based positions.

EURUSD Remains Supported Before News

Let pivot points help you in your technical trading. Learn to use Camarilla pivots 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.

DISCLOSURES

Previous Market Setups

GBPUSD Attempts 3rd Daily Decline

USDCAD Stalls at Resistance

AUDUSD Attempts 3rd Daily Breakout

EURUSD Trades to Range Support

GBPUSD Attempts 3rd Bullish Breakout

---Written by Walker England, Trading Instructor

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

To contact Walker, email instructor@dailyfx.com.

Contact and Follow Walker on Twitter @WEnglandFX.

Video Lessons || Free Forex Training

Trading Using Fibonacci (13:08)

Reading the RSI, Relative Strength Index (13:57)

Money Management Principles (31:44)

Trade Like a Professional Workshop (1:44:14)

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES