FX Reversals EURUSD Intraday Breakout

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

Talking Points

  • EURUSD opens US trading below S4 pivot
  • A bias towards lower lows remains under 1.3502
  • A move above 1.3512 would signal a potential false breakout

EURUSD 30min Chart

FX Reversals EURUSD Intraday Breakout

(Created using FXCM’s Marketscope 2.0 charts)

The EURUSD has begun the US trading session beneath daily S4 camarilla pivot. Price began this drop by first falling below range support at 1.3512. As price continues to move towards lower lows, breakout and trend traders will look to take advantage of the currency pairs continued downside momentum. Currently price has surpassed a 1x extension of the camarilla pivot trading range, but as long as price remains under the previously mentioned line of support day traders and market scalpers can continue looking to initiate new sell based positions on the EURUSD.

Breakout traders should always be aware of the potential for a false breakout. A move back above the S3 line of support would signal another price reversal for the day and an end to current market conditions. At this point, breakout and momentum trading should be concluded and traders can consider entries with the markets new influenced direction.

FX Reversals EURUSD Intraday Breakout

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

Previous Market Setups:

FX Reversals: USDJPY Resistance Update

FX Reversals: EURCAD Reaches Intraday Resistance

FX Reversals: NZDJPY Intraday Resistance

FX Reversals: EURCAD Resistance Update

Related Forex Analysis
  1. Forex News

    Weekly Trading Forecast: Dollar Hits a Record Before the ECB Weighs Further QE

  2. Forex News

    Strategy Video: Don’t Be Lulled by the Comfort of Consensus

  3. Forex News

    Beware Risk Trends as Traders Question Oil Market’s Implications

  4. Forex News

    EUR/USD trading end of November with mixed forward outlook - Scotiabank

  5. Forex News

    ECB: “What does T-LTRO 1 take-up mean?” - Rabobank

Trading Center