Daily Price Action

EURUSD Sells Off From Key Resistance


On Monday I wrote about a key resistance area for EURUSD.

The 1.1290 region is part of the March 2018 trend line. We’ve discussed this level several times over the last couple of months.

Even though the pair cleared this resistance level for a few days in March, I figured it would still play a role here.

Today’s session is validating my theory.

After reaching a high of 1.1287 earlier today, the EURUSD sold off aggressively and is currently trading 40 pips below our resistance area at 1.1290.

If it stays this way, we’ll have a bearish engulfing candle from resistance on our hands. As always, it all depends on where EURUSD closes today at 5 pm EST.

I use New-York-close Forex charts so that each 24-hour session closes at 5 pm EST.

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That should be enough to keep the downtrend intact for a while longer.

Just keep in mind that key support isn’t far away at 1.1180/90.

You can see how EURUSD found support here in March and again earlier this month.

It’s going to be essential for sellers to clear that 1.1180/90 area on a daily closing basis. That’s the only way they’ll be able to open up downside targets.

One of those targets includes the November 2017 trend line.

That level connects with the lows from August and November 2018.

If EURUSD bears can clear 1.1180/90 support to expose that trend line, it could mean a 1.1060 print over the next few weeks.

Alternatively, a daily close above the March 2018 trend line near 1.1280 would negate the bearish outlook.

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EURUSD key support and resistance levels

About the Author Justin Bennett

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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  • Justin Bennett says:

    Now you can get access to the same professional Forex charts I use.

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  • Syed Hassan says:

    Thank you?Sir

  • Matt says:

    Thank you for the insights Sir. highly appreciated. Stay Blessed

    • Justin Bennett says:

      You’re welcome.

  • John says:

    doing good, keep it high up

  • Ravi says:

    Dear Justin,
    Thanks for your nice analysis…..
    I believe Bull market is going to start as soon as market Close above 1.1280/90 , as we are in Seller market more than a year…

    • Justin Bennett says:

      I’m not doing anything here at the moment.

  • Peter promise says:

    Thanks Justin… awesome insight

    • Justin Bennett says:

      You’re welcome.

  • TK says:

    From Technical point of view, it seems the pair should head north to touch 1.138 before the next leg down

    • Justin Bennett says:

      It could happen. I have no interest in EURUSD at the moment.

  • lance says:

    …”currently trading 40 pips below our resistance area at 1.1290.”

    Do you mean 1.12290? (I am trying to follow on my chart)

    • Justin Bennett says:

      No, I meant 1.1290. The key word there is “currently”.

  • Roger says:

    Your chart work is always accurate and filled with knowledge

  • Tumuranzye says:

    Thnx Justin… Am requesting u to give us the technical analysis for dollar index as well. Thank u

    • Justin Bennett says:

      You’re welcome. I don’t discuss the USD index, at least not on the free website.

  • OGBORO preciouslife says:

    U are a blessing. Thank man

    • Justin Bennett says:

      You’re welcome.

  • Adi says:

    I think it’s still long for a moment for eurusd

  • Prashant says:

    start of bull run mayb for eur .. the 1.142 breach high .. now did not make new low south of 1.175 .. but too early to say .. immed target seems 1.1330 around ..

  • Najib ul Rehman says:

    Dear Sir! If you have waited for close of the day your analysis would have been different

    • Justin Bennett says:

      No, it would have been the same. The point of this post was to illustrate how the March 2018 trend line is still a factor (which it clearly is).

      Whether you buy, sell, or do nothing is your choice, not mine.

  • Prem says:

    Thank you Justin, your awesome!

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