Talking Points
- EUR/USD opens in a 73 pip range
- Range resistance sits at 1.0720
- A decline exposes support at 1.0647
(Created using FXCM’s Marketscope 2.0 charts)
The EUR/USD has opened the trading day range bound, with the pair moving between its R3 and S3 Camarilla pivot points. Price has traversed this 73 pip range twice thus far, with price currently trading above its R3 pivot which is found today at 1.0720. Despite being range bound for most of the session, traders should continue to watch the R4 pivot found at 1.0755. Price has already attempted to break this value once this morning on worse than expected initial jobless claims data. A breakout above this value would suggest the potential for higher highs for the EUR/USD.
In the event that price trades back below its R3 pivot, it opens the possibility of another move back towards values of support. Currently range support sits at a price of 1.0647 at the S3 pivot. A continued decline below the S4 pivot at a price of 1.0611 would suggest a larger reversal on the creation of a lower low.
---Written by Walker England, Trading Instructor