Bill Baruch, president and founder of Blue Line Futures, reviews and previews the euro, Japanese yen...
EURUSD Attempts a Fresh Daily Breakout
06/19/2015 9:00 am EST
Walker England, of DailyFX.com, takes a technical look at this currency pair that attempted to breakout higher Thursday morning (price has now attempted to breakout a total of three times and has, thus far, failed to break above resistance in each approach) and what the pair’s next move—in either direction—could imply.
- EUR/USD attempts to breakout over 1.1420
- Range resistance sits at 1.1377
- A decline exposes support at 1.1252
EUR/USD 30Minute Chart
The EUR/USD attempted to breakout higher Thursday morning, testing resistance found at Thursday’s R4 Camarilla pivot at 1.1420. Price has now attempted to breakout a total of three times and has, so far, failed to break above resistance in each approach. In the event that the EUR/USD does break higher, the pair has the potential to close higher for the third time in four trading sessions this week. Traders following the trend can take a potential breakout as a bullish continuation signal and look for opportunities to position themselves accordingly.
In the event that prices fall and the EUR/USD trades back below its R3 pivot at 1.1377, this would temporarily stall any bullish scenario. A move to this point would open the market up to a potential reversal for the pair. This would include a move through Thursday’s 84 pip pivot range towards the S3 pivot found at 1.1293. A broader reversal would be extended through the S4 pivot found at 1.1252. A move to this point would have further bearish implications, as prices would be trading back below the weekly open.
Intra-day EUR/USD Support and Resistance Values for Reversals
By Walker England, Trading Instructor, DailyFX.com
Related Articles on CURRENCIES
When bonds and stocks both rally along with commodities, markets have no fear. This was true for Eur...
Renowned investor and Columbus Business School Faculty member Jim Rogers has been cautioning investo...
Emerging Markets are bouncing today with Turkish lira (TRY) and South African rand (ZAR) both up ove...