Skip to Content
News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
EUR/USD Starts Trading Inside Range

EUR/USD Starts Trading Inside Range

Walker England, Forex Trading Instructor

Share:

Talking Points

  • The EUR/USD Opens in 44 Pip Range
  • Bullish Breakouts Begin Over 1.1311
  • SSI Reads Positive at -1.75

EUR/USD 30 Minute

(Created using Marketscope 2.0 Charts)

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

The EUR/USD has started Mondays trading, moving inside of a 44 pip trading range. In early morning, trading prices have initially bounced off support, which is found at today’s S3 camarilla pivot point at a price of 1.1244. If prices remain range bound, it opens up the EUR/USD to test values of resistance, including the R3 pivot point, which is found at a price of 1.1288.

Traders monitoring the EUR/USD for a breakout should continue to watch today’s R4 and S4 pivot points. Bullish breakouts for the day begin over the R4 pivot point, which is found at 1.1311. Conversely, bearish breakouts begin beneath the S4 pivot, which is found at a price of 1.1221. In the event that the EUR/USD trades to either of these values, it suggests that the pair may be attempting to breakout of a larger inside bar pattern. In this scenario, traders may look for a continued directional move above last Thursdays high at 1.1341 or under the low at 1.1203.

SSI (Speculative Sentiment Index) for the EUR/USD is currently reading near at -1.75. So far, this value is down significantly from last week’s reading of -1.15. As SSI continues to read negative, when taken as a contrarian signal it suggests that there may be further advances in price for the EUR/USD. Alternatively, if SSI flips to a positive reading later in the week, it may suggest a bearish retracement for the pair.

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 Guide to 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