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.
Talking Points:
- 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
(Created using Trading View Charts)
Click to Enlarge
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
Click to Enlarge
By Walker England, Trading Instructor, DailyFX.com
