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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

(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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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.

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