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EURUSD Opens at Range Support

EURUSD Opens at Range Support

2015-10-16 13:50:00
Walker England, Forex Trading Instructor
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Talking Points

  • The EURUSD is trading in a 73 pip Range
  • Range Support is found at 1.1348
  • Bearish Breakouts begin under 1.1312

EURUSD 30 Minute Chart

EURUSD Opens at Range Support

(Created using Trading View Charts)

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The EURUSD has moved to support this morning ahead of the US market open. Range support is found at a price of 1.1348, and traders will be expecting to see if prices bounce ahead of the U. of Michigan Confidence figures set to be released at 14:00 GMT. Expectations are set for the announcement at 89.0. A worse than expected release could cause a selloff of the US Dollar, causing the EURUSD to bounce towards values of resistance. Range resistance today, is found at the R3 Camarilla pivot point, found at a price of 1.1421.

In the event that prices breakout from todays 73 pip trading range , traders will being looking for a bullish move above 1.1457. A move to this point would be significant as it would represent the 3rd bullish breakout of the week. However in the event of a decline below the S4 Camarilla pivot point, found at 1.1312, traders would expect further bearish momentum from the EURUSD. A move to this value would be the second daily breakout lower for the pair, and could hint at a broader reversal going into next week.

---Written by Walker England, Trading Instructor

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