EURUSD Tests Range Support
The EURUSD has moved to support this morning ahead of the US market open. Range support is found at a price of 1.1348, and traders will be watching to see if prices bounce ahead of the U. of Michigan Confidence figures set to be released at 14:00 GMT. Expectations are set for the announcement at 89.0. A worse than expected release could cause a selloff of the US Dollar, causing the EURUSD to bounce towards values of resistance. Range resistance today, is found at the R3 Camarilla pivot point, found at a price of 1.1421.
In the event that prices breakout from todays 73 pip trading range , traders will being looking for a bullish move above 1.1457. A move to this point would be significant as it would represent the 3rd bullish breakout of the week. However in the event of a decline below the S4 Camarilla pivot point, found at 1.1312, traders would expect further bearish momentum from the EURUSD. A move to this value would be the second daily breakout lower for the pair, and could hint at a broader reversal going into next week.
In the event that prices breakout from todays 73 pip trading range , traders will being looking for a bullish move above 1.1457. A move to this point would be significant as it would represent the 3rd bullish breakout of the week. However in the event of a decline below the S4 Camarilla pivot point, found at 1.1312, traders would expect further bearish momentum from the EURUSD. A move to this value would be the second daily breakout lower for the pair, and could hint at a broader reversal going into next week.
Life comes down to a few moments, this is one of them.
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