EUR/USD Prices Range in Absence of News
- The EUR/USD Consolidates as US Dollar Pairs Search for Direction
- Bullish Breakouts Begin Over R4 at 1.1406
- SSI Reads at -1.68, Suggesting a Slight Bullish Bias
EUR/USD prices have continued to range this morning, as US Dollar pairs continue to seek direction. In absence of any major news events on this morning’s economic calendar, traders may look for prices to continue to range between values of support and resistance. Today’s pivot range for the EUR/USD measures 24 pips. Price action has already traversed this range once, and the EUR/USD is now bouncing from pivot support, which is found near 1.1368 at the S3 Camarilla pivot displayed below.
EUR/USD 30 Minute Chart with Camarilla Pivots
(Created using Marketscope 2.0 Charts)
What’s next for the Euro? Find out more with our Free Euro forecast!
Range resistance for the day, is found at the R3 pivot point at a price of 1.1392. If price remains below this value, it suggests that prices may continue ranging for the remainder of today’s session. Alternatively, if prices continue to advance, bullish breakouts are set to begin above 1.1406. A move about the R4 pivot would be considered significant, as it would be the first attempted bullish breakout for the EUR/USD since last Friday’s NFP data print. In this scenario, traders may elect to extrapolate 1X today’s 24 pip range to find initial bullish targets near 1.1430
SSI Data is being tracked in real time. Find out more at the DailyFX’s sentiment page.
Traders looking to gain a directional bias for the EUR/USD should note that SSI (speculative sentiment index) for the pair reads negative at -1.61. Typically, a negative sentiment reading is interpreted as a bullish signal. However, it should be mentioned that sentiment has pulled off slightly from last week’s reading of -1.73. If this value continues to move towards more neutral values this week, it may suggest a change in momentum for the EUR/USD. Conversely, if prices continue to trend higher, SSI should move back towards negative extremes of -2.0 or more.
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