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EURUSD closed below a key level yesterday.
On Sunday, I mentioned how the 1.1300 handle could attract buyers this week. But a close below it would expose downside targets.
You can see how the euro has already tested 1.1300 as new resistance today. As long as this area remains intact on a daily closing basis, EURUSD is vulnerable.
However, the 1300 level isn’t perfect.
Notice how the EURUSD broke below it on November 12th only to close back above it three days later.
There was a second false break on the 27th of November.
That means yesterday’s close below 1.1300 does not guarantee the euro will continue to weaken.
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If it does though, the next key support doesn’t come in until the 2018 low at 1.1215.
And a close below that would pave the way for a move to the descending trend line near 1.1100.
The “daily close” refers to the New York close at 5 pm EST. These charts are required for trading price action.
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Alternatively, a daily close back above the 1.1300 handle would turn our attention to the range ceiling at 1.1480.
That said, I would prefer to see a break from the current range before I trade EURUSD. The lack of momentum and favorable price action limits the potential here in my opinion.
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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