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EURUSD bulls are on the move today after testing 1.1180 support last week.
The bullish candlestick on April 2nd suggested an influx of buying pressure in the area. However, the price action late last week wasn’t all that convincing.
Buyers are putting any doubts to rest today, though, with the pair up 50 pips at the time of this writing.
But the real test for bulls is just above the current price.
I still think the trend line from the March 2018 high near 1.1290 will be a factor if tested over the coming sessions.
EURUSD bulls failed to hold onto the breakout that occurred here in March, but that doesn’t mean the level is no longer valid.
That said, this is not a level I would sell from without some form of bearish price action such as a pin bar.
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I would rather wait this out and see how the pair reacts to the March 2018 trend line near 1.1290.
The false break last month and bearish momentum since early last year point to additional losses.
As of now, that 1.1180/90 support area stands in the way of the November 2017 trend line at 1.1060.
I’m not opposed to turning bullish EURUSD, but buyers need to clear this trend line and prove they can hold onto it as new support first.
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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