EUR/USD Trades Over Daily Resistance

FX:EURUSD   Euro / U.S. Dollar
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Talking Points
• The EUR/USD             breaks higher over 1.0582
• Range resistance starts at 1.0573
Bearish breakouts begin under 1.0542

The EUR/USD             prices have broken higher in overnight trading, with prices still residing above today’sR4 Camarilla pivot which is found at a price of 1.0582. While today’s breakout does push the EUR/USD             to a new high for the week, other data suggests that the current trend may be mixed. Current SSI             data Current SSI             data for the pair is reading at 1.19 with 54% of traders currently net long. As a contrarian indicator, this signal remains slightly bearish for the pair. If the current bullish breakout develops, traders will look for this indicator to flip to net negative showing that traders are attempting to fade the developing trend. It should be mentioned that initial bullish targets, using a 1x extension of today’s 21 pip range begin at 1.0603.

If a bearish bias does return to the market day traders will look for prices to decline back inside of the R3 pivot point found at a price of 1.0573. A move to this point would signal the conclusion of the current bullish market conditions, and allow the EUR/USD             to move towards values of support. Today’s range support is found at the S3 pivot point displayed above at a price of 1.0552. In a scenario that sees the US Dollar             firm against the Euro             , a full bearish reversal would be realized under today’s S4 pivot at a price of 1.0542. A move below this last value of support could be considered a resumption of the pair’s previous downtrend. Again using a 1x extension of the range, initial targets for a bearish breakout reside at 1.0521.
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