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EUR/USD Testing Intraday Resistance

EUR/USD Testing Intraday Resistance

2016-12-07 14:28:00
Walker England, Forex Trading Instructor
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Talking Points:

  • EUR/USD Rebounds Intraday to Test Resistance
  • Pivot Resistance is Found at 1.0742
  • EUR/USD SSI Remains Neutral at +1.13

The EUR/USD has rebounded from daily lows to opens US session trading near a key point of resistance. The R3 pivot seen below, comprises the upper boundary of today’s trading range, and is found at a price of 1.0742. If the EUR/USD remains below resistance, the pair may continue to trade in a range back towards values of support. First support is seen below on the graph at the S3 pivot at a price of 1.0692. This point represents the bottom of today’s 50 pip range, and if the EUR/USD fails to breakout below support it may suggest further range bound conditions going into today’s close.

What’s next for the Euro? Read Our Euro Market Forecast HERE

EUR/USD 30 Minute Graph with Pivots

EUR/USD Testing Intraday Resistance

(Created Using TradingView Charts)

In the event that volatility increases later in the session, it should be noted that breakouts may occur ifprice action breaches either the S4 or R4 pivot. Bullish breakouts for the EUR/USDmay be signaled over the R4 pivot, which is located at 1.0767. In this scenario, traders may extrapolate a 1X extension of the 50 pip range to find preliminary breakout targets near 1.0817.

Alternatively, bearish breakouts may begin beneath today’s S4 pivot found at 1.0642. A 1x extension of the range points bearish targets towards a price of 1.0592.

EUR/USD Testing Intraday Resistance

Traders tracking sentiment should note that current SSI figures for the EUR/USD read at +1.13. With 53% of positioning long, and 47% short this value remains relatively mixed. If SSI continues to read at flat values, it may suggest further consolidation for the EUR/USD. However in the event of a breakout, traders may look for SSI confirmation by looking for totals to reach either a new positive or negative extreme.

What’s next for the Euro? Read Our Euro Market Forecast HERE

--- Written by Walker, Analyst for DailyFX.com

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

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