EURUSD Moves to Daily Pivot Resistance

FX:EURUSD   Euro / U.S. Dollar
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The EURUSD             has opened inside of a 64 pip trading range and has moved to resistance in early US session trading. Today range resistance is found at the R3 Camarilla pivot at a price of 1.1216. If prices remain beneath resistance, and markets continue ranging, it opens price to trade back towards values of support including the S3 pivot found at 1.1152. It should be noted that prices have failed to breakout this morning on US trade balance figures, and a light economic calendar for the rest of the day may support continued range bound market conditions.

In the event of a directional move, traders will begin looking for a bullish breakout above today’s S4 pivot point at a price of 1.1248. In this scenario, traders may look to target a 1x extension of the range towards a price of 1.1312. Alternatively, in the event of a price reversal from resistance, traders will look for a bearish breakout of the EURUSD             below the S4 pivot found at a price of 1.1120. A move to this point would be significant as it would be the first bearish breakout in the last four trading days. In either breakout scenario, the market would be signaling a change to current conditions, and traders should adjust their trading accordingly.
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