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EUR/USD Trades Over Daily Resistance

EUR/USD Trades Over Daily Resistance

Walker England, Forex Trading Instructor

Talking Points

  • The EUR/USD breaks higher over 1.0582
  • Range resistance starts at 1.0573
  • Bearish breakouts begin under 1.0542

EUR/USD 30 Daily Chart

(Created using TradingView Charts)

The EUR/USD prices have broken higher in overnight trading, with prices still residing above today’sR4 Camarilla pivot which is found at a price of 1.0582. While today’s breakout does push the EUR/USD to a new high for the week, other data suggests that the current trend may be mixed. Current SSI data for the pair is reading at 1.19 with 54% of traders currently net long. As a contrarian indicator, this signal remains slightly bearish for the pair. If the current bullish breakout develops, traders will look for this indicator to flip to net negative showing that traders are attempting to fade the developing trend. It should be mentioned that initial bullish targets, using a 1-x extension of today’s 21-pip range begin at 1.0603.

If a bearish bias does return to the market day traders will look for prices to decline back inside of the R3 pivot point found at a price of 1.0573. A move to this point would signal the conclusion of the current bullish market conditions, and allow the EUR/USD to move towards values of support. Today’s range support is found at the S3 pivot point displayed above at a price of 1.0552. In a scenario that sees the US Dollar firm against the Euro, a full bearish reversal would be realized under today’s S4 pivot at a price of 1.0542. A move below this last value of support could be considered a resumption of the pair’s previous downtrend. Again using a 1-x extension of the range, initial targets for a bearish breakout reside at 1.0521.

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