The USDollar has gained strength after yesterday’s FOMC event, causing pairs such as the EURUSD to decline. Currently the pair is testing daily values for range support, found at the S3 Camarilla pivot at a price of 1.0948. If price has already tested support once, and if prices stay above this point traders may look for prices to bounce back towards resistance. R3 pivot resistance can be seen below at 1.1012, which resides at the top of today’s 64 pip range.
In the event that today’s range is invalidated, and USDollar strength resumes, traders will look for the EURUSD to breakout below the S4 pivot at 1.0915. A move to this point would print the pairs 3rd consecutive daily decline for the week. Conversely if prices bounces and breaks above 1.1044, this would signal a return to bullish momentum on the creation of a new higher high.