The EURUSD moved to values of support this morning, but so far has failed to breakout towards lower lows. Current support is found at the S3 Camarilla pivot point, found at a price of 1.1291. If prices remain support, traders will expect the EURUSD to continue trading sideways inside of todays 49 pip trading range. This means price may bounce from support towards values of resistance, including the R3 pivot displayed above at a price of 1.1340.
Despite prices failing to breakout on US Advanced Retails Sales numbers this morning, a late day breakout is always a possibility if market volatility increases. If price action rises above the R4 pivot, found today at 1.1365, this would suggest a fresh bullish bias for the pair on the creation of a new higher high. Conversely, a breakout below the S4 pivot, found at 1.1266, would open the EURUSD up towards future declines on the creation of a new weekly low. In either breakout scenario, it should be noted that all range based positioning should be concluded. At which point, traders can adapt their trading to the markets chosen direction.
Despite prices failing to breakout on US Advanced Retails Sales numbers this morning, a late day breakout is always a possibility if market volatility increases. If price action rises above the R4 pivot, found today at 1.1365, this would suggest a fresh bullish bias for the pair on the creation of a new higher high. Conversely, a breakout below the S4 pivot, found at 1.1266, would open the EURUSD up towards future declines on the creation of a new weekly low. In either breakout scenario, it should be noted that all range based positioning should be concluded. At which point, traders can adapt their trading to the markets chosen direction.
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