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EUR/USD Tests Daily Support at 1.1200

EUR/USD Tests Daily Support at 1.1200

Walker England, Forex Trading Instructor


Talking Points

  • The EUR/USD Tests Support at 1.1200
  • Bullish Breakouts for the EUR/USD Begin Over 1.1265
  • What’s next for the EURO? Check out our Trading Guides for more trading ideas.

EUR/USD 30Minute Chart

Chart prepared by Walker England

The EUR/USD has opened Wednesdays trading range bound, traveling between its R3 and S3 Camarilla pivots pictured above. At present, price is testing range support which is found at a price of 1.1200. If the EUR/USD bounces from support, it opens the EUR/USD to move back towards key values of resistance. This includes range resistance at 1.1243 which is represented by the R3 pivot. A move back towards values of resistance would be considered significant, as prices would be trading back in the direction of the pair’s daily trend.

In the event that the EUR/USD fails to remain supported above today’s S4 pivot at 1.1178, it opens the EUR/USD to challenge new weekly lows below 1.1155. Traders may begin looking for opportunities to trade fresh breakouts below the S4 pivot point which is found at 1.1178. Traders looking to target a 1X extension of today’s 43 pip range, may initially start looking for targets near 1.1135. If prices really at support, bullish breakouts may occur over the R4 pivot point at 1.1265. At this point traders may again extrapolate a 1X extension of the range, to find initial bullish breakout targets near 1.1308.

Are traders long or short the EUR/USD? Find out here !

The ratio of long to short positions for the EUR/USD stands at -1.86. This SSI (speculative sentiment index) reading is negative, which gives the EUR/USD a bias towards a move higher. In the event that the reverse lower under support, SSI should neutralize and move back towards a more neutral reading. Alternatively in the event of bullish breakout, traders should look for SSI to move to a negative extreme of -2.0 or greater.

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