Most significant point in EUR/USD today is 1.0491 top because it corresponds to USD/EUR bottom at 1.0490 and a difference of 1 pip. If EUR/USD trades above the 1.0491 levels then USD/EUR must break its bottom. For today, both pairs then leave respective normal ranges, given to today’s market by the central banks. USD/EUR holds EUR/USD movements as it trades its daily average at 49 pips while EUR/USD has ability to travel 53 pips. My target and written was set at 1.0465 and EUR/USD dead stopped at 1.0469 then reversed.
EUR/USD on its own volition struggles with the long end of its price curve and is as much a factor in EUR/USD as much as USD/EUR. The significant break point for USD/EUR translates to EUR/USD at 1.0371. EUR/USD most vital break point is located at 1.0601 then EUR/USD runs into the top price point and brick wall at USD/EUR at 1.0630. What struggles mean for EUR/USD is downside price is contained but contained by USD rather than EUR.
USD/EUR significance at 1.0371 experiences solid support points to translate at EUR/USD 1.0393, 1.0391 and 1.0384. USD/EUR offers further supports translated to EUR/USD at 1.0373, 1.0361 an 1.0347. The commonalities in EUR/USD and USD/EUR is both align at 1.0373 and 1.0374. To see 1.0300 lows then breaks must be seen at USD/EUR at 1.0409, 1.0404 then EUR/USD at 1.0400.
Above EUR/USD at 1.0491 and USD/EUR 1.0490 then next breaks are located at USD/EUR translated to EUR/USD at 1.0508 and 1.0521. EUR/USD break points are located at 1.0532 and 1.0536.
Beside today’s levels and significant points, range breaks for EUR/USD are located at USD/EUR 1.0689, 1.0630, 1.0249 and 1.0192. EUR/USD range breaks are located at 1.0685, 1.0719 and 1.0727. The commonality is found at 1.0685. For today, EUR/USD overall range is located from 1.0371 to 1.0601 and represent levels traded for this day because range breaks are quite far away. To look further at EUR/USD range break below then its found at 1.0194 and corresponds to USD/EUR at 1.0192. . Until a range break is seen then EUR/USD and USD/EUR are just trading around levels everyday.
Brian Twomey, Inside the Currency Market, btwomey.com