EUR/USD Reverses Early Morning Decline
Dailyfx | Apr 21, 2015 11:31AM ET
Talking Points
- EUR/USDopens to a false breakout
- Today’s trading range starts at 1.0707
- A breakout above 1.0796 may signal a broader reversal
(Created using FXCM’s Marketscope 2.0 charts)
The EUR/USD has opened this morning attempting to breakout towards lower lows. However, despite printing a new weekly low at 1.0675 price has failed to stay below its S4 pivot at 1.0678. Price is currently being seen moving back inside of its pivot range, starting at the S3 Camarilla pivot found at 1.0707. If price remains supported at this value, it may suggest a price bounce from this point towards values of resistance. Currently todays R3 pivot sits at 1.0767, completing today's 60 pip range.
In the event that price trades back below its S4 pivot, this would open the possibility of another daily close lower for the week. However, a reversal through today’s trading range and a breakout above the R4 pivot at 1.0796 would suggest a reversal back in the direction of the EUR/USD's previous short term trend.
---Written by Walker England, Trading Instructor
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