• Today’s EURUSD trading range measures 55 pips
• R3 range resistance is found at 1.1229
• breakouts begin under 1.1106
The EURUSD has begun Tuesdays trading inside of a defined 55 pip range. As of the US Open, the pair has moved to range support, found at the S3 at a price of 1.1174. In the event that the pair remains range bound, a bounce from support opens prices to test values of resistance. Today’s range resistance is found at the R3 displayed below, at a price of 1.1229. If prices remain between these values, traders may look to continue initiating range based positions.
It should be noted that Euro-Zone Consumer Confidence numbers are set to be released at 14:00 GMT . Euro Consumer Confidence is listed as a medium importance event on the economic calendar, with an excepted release of -7.0. Any deviation from this expectation may prove a catalyst for a EURUSD breakout. breakouts will begin under the S4 found at a price of 1.1106. A move to this point would suggest further momentum on the creation of a fresh weekly low. Alternatively a breakout above resistance, at the R4 above 1.1270, In the event of a breakout, any range bound trading should be at least temporarily concluded. Traders may then adjust their positioning based off of the present market conditions.