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
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
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
Bitcoin
Bearish
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • Saudi Arabia's Khurais and Abqaiq facilities are currently producing around 4.3mbpd - sources #OOTT
  • LIVE NOW: Join DailyFX Market Analyst @DavidCottleFX for a look ahead at the major economic data which will drive Asia Pacific markets in the coming seven days. https://www.dailyfx.com/webinars/985612483?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • 🇪🇺 (EUR) Markit Eurozone Services PMI (SEP P), Actual: 52.0 Expected: 53.2 Previous: 53.5 https://www.dailyfx.com/calendar?utm_source=Twitter&utm_medium=TweetRobot&utm_campaign=twr
  • 🇪🇺 (EUR) Markit Eurozone Composite PMI (SEP P), Actual: 50.4 Expected: 52.0 Previous: 51.9 https://www.dailyfx.com/calendar?utm_source=Twitter&utm_medium=TweetRobot&utm_campaign=twr
  • 🇪🇺 (EUR) Markit Eurozone Manufacturing PMI (SEP P), Actual: 45.6 Expected: 47.3 Previous: 47.0 https://www.dailyfx.com/calendar?utm_source=Twitter&utm_medium=TweetRobot&utm_campaign=twr
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/AGxlGkW2C6
  • Heads Up:🇪🇺 EUR Markit Eurozone Composite PMI (SEP P) due at 08:00 GMT (15min), Actual: N/A Expected: 52.0 Previous: 51.9 https://www.dailyfx.com/economic-calendar#2019-09-23
  • Heads Up:🇪🇺 EUR Markit Eurozone Services PMI (SEP P) due at 08:00 GMT (15min), Actual: N/A Expected: 53.2 Previous: 53.5 https://www.dailyfx.com/economic-calendar#2019-09-23
  • Heads Up:🇪🇺 EUR Markit Eurozone Manufacturing PMI (SEP P) due at 08:00 GMT (15min), Actual: N/A Expected: 47.3 Previous: 47.0 https://www.dailyfx.com/economic-calendar#2019-09-23
  • Heads Up: 🇪🇺 (EUR) Markit Eurozone Composite PMI (SEP P) due at 08:00:00 GMT (15min) Expected: 52.0 Previous: 51.9
EUR/USD Trades Flat After Retail Sales Data

EUR/USD Trades Flat After Retail Sales Data

2016-03-15 14:05:00
Walker England, Forex Trading Instructor
Share:

Talking Points

  • The EUR/USD Fails to Breakout on Retail Sales Data
  • Bullish Breakouts Begin Over 1.1151
  • SSI Reads Negative at -1.23

EUR/USD 30 Minute

EUR/USD Trades Flat After Retail Sales Data

(Created using Marketscope 2.0 Charts)

Interested in Learning the Traits of a Successful Trader? Click HERE

The EUR/USD has opened Tuesday’s trading moving inside of a 53-pip range. Despite today’s US Advanced Retail Sales figures posting better than expected at -0.1%, the pair has failed to breakout from today’s key values of support and resistance Currently prices are trading off of resistance which is found at the R3 pivot point at a price of 1.1123. If prices remain range bound, traders will look for prices to retest range support, which is found today at a price of 1.1070.

If prices do attempt to breakout, traders should continue to monitor both the R4 and S4 pivot points. Today’s R4 pivot point is displayed above at a price of 1.1151. A move to this point would be considered significant, as it would be the first bullish breakout since last Thursdays ECB rate decision. Conversely, bearish breakouts begin underneath the S4 pivot point at a price of 1.1042. In either breakout scenario, traders may extrapolate 1X of today’s 53 pip trade range. This places bullish breakout targets near 1.1204 while bearish targets begin at 1.0989.

EUR/USD Sentiment is currently slightly negative with SSI (Speculative Sentiment Index) reading at -1.23 for the pair. So far, this value is little changed from last week’s reading of -1.25. While this value is not extreme, this continued negative reading suggests further advances in price for the EUR/USD. In the event of a bearish reversal, traders would reasonably expect SSI to flip towards a fresh positive reading.

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.

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

DISCLOSURES

News & Analysis at your fingertips.