The EUR/USD trades to weekly highs on GDP data

FX:EURUSD   Euro Fx/U.S. Dollar
516 5 12
Talking Points
• The EUR/USD             trades higher on GDP data
Bullish breakouts begin over 1.0887
• Today’s EUR/USD             range measures

The EUR/USD             is rising this morning with Euro-Zone GDP figures being released in line with expectations at 1.6%. Prices are now attempting to breakout to a new high this week over today’s R4 pivot point which is found at a price of 1.0886. Traders looking for a bullish breakout should note that current SSI             figure (Speculative Sentiment Index) for the EUR/USD             is printing at -1.348. While this value is not extreme, it does show that net positioning is currently short the EUR/USD             . When used as a contrarian signal, traders may use SSI             as a confirmation for a continued move towards higher highs.

Traders looking for a bearish price reversal should continue to monitor the R3 pivot point for today at a price of 1.0860. A move back to this value would signal a shift in the current bullish market environment and would open up the EUR/USD             to return towards values of support. It should be noted that today’s trading range measures 50 pips and that the S3 pivot currently resides at a price of 1.0810. Also, a complete bearish reversal may begin underneath the S4 pivot which is found at 1.1.0785. A move below S4 support would be significant as it would be the EUR/USD’s second attempt at a bearish breakout since Fridays 464 pip advance.
Daily implies a bull flag. Hourly has strong support at 1.0830 close to S3 pivot at 1.0810.
+1 Reply
Here is another look with that trendline breakout.
Check out updated SSI data here https://beta.dailyfx.com/sentiment?utm_source=Twitter&utm_medium=England&utm_campaign=tv

Thank you for additional information Mr. Walker. I consider the SSI for EURUSD at -1.4 as neutral in terms of an indicator. The descending line touching three highs of the EURUSD is worth noting, and is useful data, if combined with the pivots discussed earlier. (1.0830 to S3 pivot at 1.0810.)
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