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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

(Created using Trading View Charts)

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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.

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---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.