We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
The EUR/USD Falls to New Weekly Low

The EUR/USD Falls to New Weekly Low

2016-02-24 14:40:00
Walker England, Forex Trading Instructor
Share:

Talking Points

  • The EUR/USD Retraces From an Early Breakout Below 1.0983
  • Bullish Reversals Begin over 1.0998
  • SSI Continues to Decline to -1.08

EUR/USD 30 Minute Chart

The EUR/USD Falls to New Weekly Low

(Created using Marketscope 2.0 Charts)

Losing Money Trading? This Might Be Why.

The EUR/USD is currently retracing this morning’s breakout, which set a new weekly low at 1.0957. Today’s breakout was marked by a move below today’s R4 Camarilla pivot point, which is found at a price of 1.0982. With the EUR/USD trading back above this point, it suggests that the pair’s downward momentum has at least temporarily stalled. In the event that prices attempt to breakout again traders looking for a 1X extension of today’s 36 pip trading range, may set initial targets near 1.0946.

In the event that the EUR/USD continues its reversal higher, and trades back above today’s S3 pivot point at 1.0998, traders may begin to look for the pair to test values of resistance. Today’s pivot range resistance is displayed above at the R3 pivot, which is found at a price of 1.1034. It should be noted that bullish breakouts begin above 1.1051 a move to this value would be considered significant, as it would be the first attempted bullish breakout in the last six trading sessions.

SSI (Speculative Sentiment Index) for the EUR/USD currently reads at a neutral -1.08. While this number is far from extreme, it is important to compare this value to last week’s reading of -1.63. As sentiment continues to shift, it may suggest a shift in the EUR/USD’s underlying trend as well. Traders watching for future price declines should continue to monitor sentiment, and look for the reading to flip net positive to confirm the markets new bias.

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

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

Do you know the biggest mistake traders make? More importantly, do you know how to overcome the biggest mistake? Read page 8 of the Traits of Successful Traders Guideto find out [free registration required].

Contact and Follow Walker on Twitter @WEnglandFX.

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

DISCLOSURES

News & Analysis at your fingertips.