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EUR/USD Trades Back From Weekly Highs

EUR/USD Trades Back From Weekly Highs

Walker England, Forex Trading Instructor

Talking Points

  • The EUR/USD Retraces From Weekly Highs
  • Short Term Support for the EUR/USD is Found at 1.1329
  • If you are looking for EUR/USD trading Ideas, check out our Trading Guides.

The EUR/USD is pulling back from weekly highs this morning, after trading higher for the last five consecutive sessions. Currently the pair is testing pivot support near 1.1329. This area is depicted below as the S3 pivot, and is daily support for today’s 45 pip range. If prices bounce at support, this re-opens the EUR/USD to print new weekly highs over 1.1366. In this bullish scenario, traders should continue to monitor resistance found at the R3 and R4 pivots. They are located at 1.1379 and 1.1397.

In the event of a full bearish reversal, traders should watch for the EUR/USD to trade through the S4 pivot at 1.1306. Prices have already tested this value once, putting today’s low in at 1.1304. A sustained move below this value should be seen as significant as it would be the first bearish breakout this week. In this scenario traders may extrapolate a 1X extension of today’s 45 pip range to find initial bearish targets near 1.1261.

EUR/USD 30 Minute

(Created by Walker England)

The ratio of long to short positions for the EUR/USD stands at -2.5416. This SSI (speculative sentiment index) reading is considered extreme with 72% of positioning currently short. Typically this suggests that the EUR/USD may continue to trade higher. In the event of bearish breakout, traders should look for SSI to neutralize and retract from its current extreme levels.

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

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