Daily Price Action

EURUSD: 1.1110 Holds the Key to More Downside


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The EURUSD is hanging onto key support so far this week.

The 1.1110 area came under pressure last week after the pair fell below ascending channel support on July 5th.

As I wrote on Sunday, I think euro bears need to be careful while EURUSD remains above 1.1110.

It’s a multi-year support level and one that isn’t going to go down without a fight.

However, I’m certainly not bullish EURUSD.

Given the long-standing downtrend here, I continue to favor shorting the single currency.

But a poorly timed trade is a bad trade.

In the case of EURUSD, I don’t see much to do here until we either get a retest of 1.1190 resistance or a close below 1.1110 support.

The former would target 1.1110 while a break below key support would expose the 1.0860 area.

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EURUSD key levels

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Nadzuah says

Nice one justin

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