EURUSD Opens At Range Support

Talking Points

  • The EURUSD is trading in a 73 pip Range
  • Range Support is found at 1.1348
  • Bearish Breakouts begin under 1.1312
  • EURUSD 30 Minute Chart

    Click on image to enlarge

    EURUSD Opens at Range Support

    (Created using Trading View Charts)

    The EURUSD has moved to support this morning ahead of the US market open. Range support is found at a price of 1.1348, and traders will be expecting to see if prices bounce ahead of the U. of Michigan Confidence figures set to be released at 14:00 GMT. Expectations are set for the announcement at 89.0. A worse than expected release could cause a selloff of the US Dollar, causing the EURUSD to bounce towards values of resistance. Range resistance today, is found at the R3 Camarilla pivot point, found at a price of 1.1421.

    In the event that prices breakout from todays 73 pip trading range , traders will being looking for a bullish move above 1.1457. A move to this point would be significant as it would represent the 3rd bullish breakout of the week. However in the event of a decline below the S4 Camarilla pivot point, found at 1.1312, traders would expect further bearish momentum from the EURUSD. A move to this value would be the second daily breakout lower for the pair, and could hint at a broader reversal going into next week.

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    Author: Travis Esquivel

    Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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