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Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.
Last week I pointed out a significant resistance area for EURGBP.
I mentioned the 0.8930 area again on Sunday. But given the way buyers were pressuring the region, I was more interested in a break higher than anything else.
Today’s session appears to be doing just that.
At the moment, EURGBP is trading at 0.8945 and isn’t showing any signs of cooling off.
And with only a couple hours before today’s close at 5 pm EST, a break of 0.8930 looks all but guaranteed.
If buyers get the job done, there isn’t much between 0.8930 and the late 2018 and early 2019 highs near 0.9060.
The key here is that EURGBP needs to hold above 0.8930 on a daily closing basis.
I don’t mind intraday dips below it, but a sub 0.8930 daily close would negate the bullish idea.
It would also re-expose the key support area I mentioned last week at 0.8840.
But for now, all eyes are on 0.8930 as new support and 0.9060 resistance.
Justin Bennett is an internationally recognized Forex trader with 10+ years of experience. He's been interviewed by Stocks & Commodities Magazine as a featured trader for the month and is mentioned weekly by Forex Factory next to publications from CNN and Bloomberg. Justin created Daily Price Action in 2014 and has since grown the monthly readership to over 100,000 Forex traders and has personally mentored more than 3,000 students.Read more...
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