• The EUR/USD breaks higher over 1.0582
• Range resistance starts at 1.0573
• breakouts begin under 1.0542
The EUR/USD prices have broken higher in overnight trading, with prices still residing above today’sR4 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 for the pair. If the current 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 targets, using a 1x extension of today’s 21 pip range begin at 1.0603.
If a bias does return to the market day traders will look for prices to decline back inside of the R3 found at a price of 1.0573. A move to this point would signal the conclusion of the current market conditions, and allow the EUR/USD to move towards values of support. Today’s range support is found at the S3 displayed above at a price of 1.0552. In a scenario that sees the US Dollar firm against the Euro , a full reversal would be realized under today’s S4 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 breakout reside at 1.0521.