EURUSD: 1.0750 to Determine Future Direction

by Justin Bennett  · 

March 23, 2020

by Justin Bennett  · 

March 23, 2020

by Justin Bennett  · 

March 23, 2020

The EURUSD was hugely profitable for us last week.

Last Friday confirmed the false break above 1.1170, which is the top of a descending channel from the 2019 high.

Following that retest of the 1.1170 area as new resistance, the EURUSD lost over 500 pips at last week’s low.

The pair also reached our 1.0724 target that I discussed in last weekend’s Forex forecast video.

Note that 1.0724 was the open gap that developed following the April 2017 French elections.

As of now, the EURUSD is holding below that 1.0720/50 area on a daily closing basis.

Both Thursday and Friday closed below it.

However, EURUSD sellers have to be cautious here.

The pair is overextended on the daily chart, and contrary to recent price action, markets don’t move in straight lines.

With that in mind, I am anticipating strength from the EURUSD at some point.

If you watched Sunday’s forecast video, you know that my trigger for a higher euro is that 1.0720/50 area.

More specifically, a daily close above that descending channel bottom near 1.0750.

I am not saying the pair will close above that level.

Nobody knows what will happen with the EURUSD or any other market.

What I am saying is that the future direction of the pair hinges on that 1.0750 level, perhaps as high as 1.0760.

A daily close above it would expose 1.0830 followed by 1.0900 and 1.0990.

Important: I use New York close charts so that each 24-hour daily session opens and closes at 5 pm EST.

Go here to get access to the same Forex charts I use.

But as long as the EURUSD stays below 1.0750, buyers will struggle and that 1.0520 support area I mentioned on Sunday remains exposed.

In summary, the pair’s future direction hinges on 1.0750.

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EURUSD 1.0750 key area

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  1. Great analysis Sir, I wish to become one of your members to learn more from you, but I have financial Problem, I am following you for a long time, I wish to become your first student from Afghanistan, wish I can pay soon

  2. Hi Justin, how did you enter your position without any retest on the daily time frame chart, you did the same on UDSJPY after the wedge false break that sold off.

  3. Good day Justin, i have opened an account with Blueberry Markets two years ago because of your recommendation but i have not been profitable since then until lately when i start being profitable. I made a withdrawal, i am not receiving my withdrawals and i am not getting assistance from anyone. Will you please assist

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