EURUSD Moves to Support
The EURUSD opened today’s US trading session lower, on better than expected Gross Domestic Product data. Expectations for this event were set at 3.2% and were released at 3.7%, causing the EURUSD to move towards values of support. Current price is resting at today’s S3 Camarilla Pivot at 1.1237. If price remains supported, it opens the pair up for a potential bounce back towards key points of resistance. As seen below, today’s R3 pivot is found at a price of 1.1385, completing the EURUSD’s 148 pip daily trading range.
In the event prices continue their decline, traders will look for a continuation of bearish momentum below the S4 pivot found at 1.1163. This point marks the last point of pivot support and a move through this value would suggest prices are breaking out towards lower lows. In a bearish breakout scenario, traders can begin to target a 1x extension of today’s range near 1.1015. Alternatively, a bullish signal would be created over the R4 pivot, starting at 1.1459. A move beyond this value would be considered significant as it would mark the first bullish breakout in the last three trading periods.
In the event prices continue their decline, traders will look for a continuation of bearish momentum below the S4 pivot found at 1.1163. This point marks the last point of pivot support and a move through this value would suggest prices are breaking out towards lower lows. In a bearish breakout scenario, traders can begin to target a 1x extension of today’s range near 1.1015. Alternatively, a bullish signal would be created over the R4 pivot, starting at 1.1459. A move beyond this value would be considered significant as it would mark the first bullish breakout in the last three trading periods.
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