The EURUSD has rallied this morning on a better than expected ZEW survey. Prices were initially depressed, dropping as low as 1.0960, but the pair immediately rebounded back on the better than expected news. Ultimately prices have rallied through the entirety of today’s 64 pip trading range, with prices now trading above the R3 Camarilla pivot point at 1.1050. If bullish momentum continues, traders will begin looking for a breakout above the R4 pivot point at 1.1082.
While the EURUSD is initially bullish in early trading, a move back inside of today’s trading range would signal an end to current trading conditions. As mentioned above, range resistance is found at the R3 pivot. In the event prices drop below this value, traders will begin looking for prices to test values of support including the S3 pivot found at 1.0986.