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The EUR/USD Trades to Weekly Highs on GDP Data

The EUR/USD Trades to Weekly Highs on GDP Data

Walker England, Forex Trading Instructor

Talking Points

  • The EUR/USD trades higher on GDP data
  • Bullish breakouts begin over 1.0887
  • Today’s EUR/USD range measures

EUR/USD 30 Minute Chart

The EUR/USD Trades to Weekly Highs on GDP Data

(Created using TradingView Charts)

Losing Money Trading Forex? This Might Be Why.

The EUR/USD is rising this morning with Euro-Zone GDP figures being released in line with expectations at 1.6%. Prices are now attempting to breakout to a new high this week over today’s R4 pivot point, which is found at a price of 1.0886. Traders looking for a bullish breakout should note that current SSI figure (Speculative Sentiment Index) for the EUR/USD is printing at -1.348. While this value is not extreme, it does show that net positioning is currently short the EUR/USD. When used as a contrarian signal, traders may use SSI as a confirmation for a continued move towards higher highs.

Traders looking for a bearish price reversal should continue to monitor the R3 pivot point for today at a price of 1.0860. A move back to this value would signal a shift in the current bullish market environment and would open up the EUR/USD to return towards values of support. It should be noted that today’s trading range measures 50 pips and that the S3 pivot currently resides at a price of 1.0810. Also, a complete bearish reversal may begin underneath the S4 pivot which is found at 1.1.0785. A move below S4 support would be significant as it would be the EUR/USD’s second attempt at a bearish breakout since Fridays 464 pip advance.

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See Walker’s most recent articles at his Bio Page.

The London and New York trading session overlap is known specifically for its volatility. Learn about the best times to trade the market with the Traits of Successful Traders e-Guide. Read page 16 of the Traits of Successful Traders Guide to find out more [free registration required].

Contact and Follow Walker on Twitter @WEnglandFX.

Video Lessons || Free Forex Training

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

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