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EUR/USD Prices Pause After Yesterday’s Decline

EUR/USD Prices Pause After Yesterday’s Decline

2016-05-25 13:40:00
Walker England, Forex Trading Instructor

Talking Points

  • The EUR/USD Pauses After Yesterday’s 95 pip Decline
  • With the Trend Pointing Lower, Bearish Breakouts Begin Under 1.10858
  • EUR/USD Positioning has Shifted with SSI Reading +1.1392

After declining as much as 95 pips yesterday, the EUR/USD has begun to consolidate this morning inside of today’s pivot range. This range measures 52 pips and begins at resistance found at 1.11639. Support is marked in the chart below at the S3 pivot and can be found at 1.1119. Currently, price action for the pair is trading just above today’s central pivot, which is found at 1.1140. In the absence of any major US Dollar or Euro news for the session, it opens up the possibility of prices to range for the remainder of today’s trading.

EUR/USD 30 min chart

EUR/USD Prices Pause After Yesterday’s Decline

(Created using Marketscope 2.0 Charts)

In the event of a late day breakout, traders should reference either the R4 resistance pivot at 1.11900 or the S4 support pivot at 1.10858. A move below support would be significant as it would market the 3rd bearish breakout this week. If the EUR/USD turns bearish, traders may subtract 1X today’s trading range to find initial pricing targets near 1.10338. Alternatively, in the event of a bullish reversal, traders may find initial targets near 1.1242.

EUR/USD Prices Pause After Yesterday’s Decline

See real time shifts in EUR/USD sentiment. Find out more at the DailyFX’s sentiment page.

Sentiment for the EUR/USD has turned with SSI (speculative sentiment index) flipping net positive. With the majority of open interest long, SSI is now reading at +1.1392. While this value is not extreme, this shift in positioning may suggest a change in the markets current trend. In the event that the EUR/USD continues to decline, it would be expected for SSI to move towards an extreme reading of +2.00 or greater. Alternatively, if prices move higher, sentiment would be expected to flip back to a negative value.

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