DailyFX.com -

Talking Points

  • Price Hovers Near Range Resistance
  • Range Support Sits at 1.4533
  • Price Above R4 Signals a Breakout

EURCAD 30min Chart

FX Reversals: EURCAD Range Reversal Update

(Created using FXCM’s Marketscope 2.0 charts)

For the beginning of Wednesdays trading, the EURCAD remains locked between defined values of support and resistance. Range resistance, as marked above by the R3 camarilla pivot, resides at 1.4566. Range support is found below at 1.4533 creating a 33 pip trading range for the pair. Traders looking for a potential price reversal will monitor the EURCAD under resistance while looking for a move back towards price support.

A breakout should also always be in consideration, in the event that range bound markets come to a conclusion. Utilizing camarilla pivots, a breakout would be identified by price moving above either the R4 resistance pivot or the s4 support pivot. Currently the R4 camarilla pivot sits at 1.4583.A price advance over this value would signal a change in market conditions, in which traders should consider concluding any range trades. A break of R4 would also suggest a move to higher highs where traders may consider entries with the markets new influenced direction.

FX Reversals: EURCAD Range Reversal Update

Are you unfamiliar with camarilla pivots and trading intraday market reversals? Increase your trading education with DailyFX! You can continue learning and work on your trading education HERE.

Then, to practice setting up orders using Camarilla Pivots, register for a FREE Forex demo with FXCM. This way you can develop your scalping techniques while tracking the market in real time.

Click HERE to Register Now

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Euro Staying Afloat amid Short Position, Carry Trade Unwind

  2. Investing

    EUR/CAD Finds Support During Trading Session

  3. Forex News

    Euro Weighed by Risk Repricing Post-Greece, Almost QE-driven Again

  4. Investing

    Buying Pullbacks for the EUR/CAD

  5. Investing

    EUR/CAD Shows Signs of Weakness on Tuesday

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!