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EUR/USD Consolidates Despite Data Miss

EUR/USD Consolidates Despite Data Miss

Walker England, Forex Trading Instructor

Talking Points:

The EUR/USD is holding in a consolidating trading pattern this morning, despite US Durable Goods Orders missing expectations. Expectations were set at +0.1%, but were released at an actual -0.1%. Now, the EUR/USD is consolidating inside of yesterday’s price action. This inside bar is depicted below, and is created by using Wednesdays high (1.0946) and low (1.0874) as points of support and resistance. Traders may continue to monitor these daily values looking for an eventual EUR/USD breakout.

EUR/USD, 1 Day with Support & Resistance

EUR/USD Consolidates Despite Data Miss

(Created using TradingView Charts)

Technically, the EUR/USD is now declining after testing intraday resistance at 1.0927. If prices remain below this value, it may suggest that the EUR/USD is making a move back towards support. The next critical value of intraday support may be found near the S3 Camarilla pivot, at a price of 1.0887. This area represents today’s value of range support, and if prices stay above 1.0887, it may suggest further consolidation intraday for the EUR/USD.

It should be noted that intraday bullish breakouts might be signaled above today’s R4 pivot, found at 1.0947. In this bullish scenario, the EUR/USD would first need to move outside of the R3 pivot, suggesting a change in market conditions. Traders may extrapolate 1X today’s 40 pip trading range to place initial bullish breakout targets near 1.0987. Alternatively, bearish breakouts may begin beneath 1.0867. In this bearish scenario, traders may place initial breakout targets near 1.0827.

EUR/USD, 30 minute with Intraday Support & Resistance

EUR/USD Consolidates Despite Data Miss

(Created using TradingView Charts)

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