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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.
On Sunday I wrote about the possibility of a 1.1410 retest for EURUSD.
You can see where this level served as resistance in February and March.
Tuesday’s session reached a high of 1.1411 before reversing and closing the day lower by more than 40 pips.
The EURUSD carved a bearish engulfing day in the process.
However, I would be careful trying to short the pair here. The euro appears to be attempting a broader reversal since coming off 1.1110 in late May.
It’s especially evident when viewing the weekly time frame.
I do think we could see some weakness in the short-term, though, perhaps into 1.1300 or 1.1260 if sellers can get behind yesterday’s bearish candle.
Alternatively, a daily close above 1.1410 would set our sights on 1.1560.
I’m going to give the EURUSD some space to see what it wants to do here.
This isn’t what I would consider an “A+” setup, especially when you consider how the weekly time frame is starting to perk up a bit.
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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