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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EUR/USD Attempts 2nd Daily Breakout

EUR/USD Attempts 2nd Daily Breakout

Walker England, Forex Trading Instructor

Talking Points

  • The EUR/USD Opens With a False Breakout
  • Bullish Breakouts Begin Over 1.1341
  • SSI Move Back From Extremes to -1.89

EUR/USD 30 Minute

EUR/USD Attempts 2nd Daily Breakout

(Created using Marketscope 2.0 Charts)

What do DailyFX analysts expect from the US Dollar for 2016? Find out here!

The EUR/USD is attempting to breakout higher today for the second time. Prices action is currently trading back above today’s R4 pivot at 1.1341. The pair’s first attempt to break over this value ended with price action retracing back inside of the pivot range displayed above. It should be noted that today’s range measures 32 pips and begins at the R3 pivot at a price of 1.1325. If prices continue to trade higher, traders may extrapolate targets by using a 1X extension of the range. This places initial bullish breakout targets near 1.1374.

In the event that the EUR/USD trades back below the R3 pivot, this morning’s movement would again be classified as a false breakout. In this scenario, traders may look for prices to traverse the range back down towards support at 1.1293. If prices continue to fall below the S3 pivot, this then exposes the EUR/USD to a bearish breakout below today’s R4 pivot at 1.1277. In the event of a bearish breakout, traders may again extrapolate 1X the range to get preliminary bearish targets near1.1245.

Find out the latest positioning totals with DailyFX’s sentiment page

SSI (Speculative Sentiment Index) for the EUR/USD currently reads at -1.89. This number has moved off from last week’s extremes of -2.4. While this number is significantly negative, a continued move back towards more neutral values may suggest a change in current market conditions.

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