- The EUR/USD Retraces From an Early Breakout Below 1.0983
- Bullish Reversals Begin over 1.0998
- SSI Continues to Decline to -1.08
EUR/USD 30 Minute Chart
(Created using Marketscope 2.0 Charts)
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The EUR/USD is currently retracing this morning’s breakout, which set a new weekly low at 1.0957. Today’s breakout was marked by a move below today’s R4 Camarilla pivot point, which is found at a price of 1.0982. With the EUR/USD trading back above this point, it suggests that the pair’s downward momentum has at least temporarily stalled. In the event that prices attempt to breakout again traders looking for a 1X extension of today’s 36 pip trading range, may set initial targets near 1.0946.
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In the event that the EUR/USD continues its reversal higher, and trades back above today’s S3 pivot point at 1.0998, traders may begin to look for the pair to test values of resistance. Today’s pivot range resistance is displayed above at the R3 pivot, which is found at a price of 1.1034. It should be noted that bullish breakouts begin above 1.1051 a move to this value would be considered significant, as it would be the first attempted bullish breakout in the last six trading sessions.
SSI (Speculative Sentiment Index) for the EUR/USD currently reads at a neutral -1.08. While this number is far from extreme, it is important to compare this value to last week’s reading of -1.63. As sentiment continues to shift, it may suggest a shift in the EUR/USD’s underlying trend as well. Traders watching for future price declines should continue to monitor sentiment, and look for the reading to flip net positive to confirm the markets new bias.
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