EURUSD Tests Range Support

FX:EURUSD   Euro Fx/U.S. Dollar
274 0 4
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.
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