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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

(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.

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