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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.
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.
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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.
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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.