EURUSD Breakout
The EURUSD has been retracing for most of this week’s trading, moving as much as 209 pips against its primary downtrend. Despite this advance early in the week, prices have begun moving lower again in early Fridays trading. Prices are currently moving on the S4 Camarilla pivot point found at 1.0928. A breakout from this resistance value, would signal the creation of a lower low and also allow traders to position themselves back in the direction of the EURUSD’s daily trend.
In the event that price begins to again gain bullish momentum, traders will look for price to reverse back inside of today’s trading range. Range support begins at 1.0955 as depicted by the S3 pivot point below. It should be noted that Fridays 53 pip range is completed at the R3 resistance pivot at 1.1008. If price action begins moving through these values of resistance, this would potentially expose the R4 pivot which would indicate a fresh bullish breakout.
In the event that price begins to again gain bullish momentum, traders will look for price to reverse back inside of today’s trading range. Range support begins at 1.0955 as depicted by the S3 pivot point below. It should be noted that Fridays 53 pip range is completed at the R3 resistance pivot at 1.1008. If price action begins moving through these values of resistance, this would potentially expose the R4 pivot which would indicate a fresh bullish breakout.
Life comes down to a few moments, this is one of them.
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