Daily Price Action
Shares

EURUSD: 1.1110 Holds the Key to More Downside

Shares

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.

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.

Want to see how we’re trading EURUSD? 

Click Here to join us and save 40% – Ends July 31st!

EURUSD key levels

Leave a Comment:

2 comments
Justin Bennett says

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

Get access today: http://bit.ly/2UzPyiR

These charts give you five 24-hour sessions each week. They are essential if you trade from the daily or 4-hour time frames. Anything else can produce false buy and sell signals.

Download the platform here: http://bit.ly/2UzPyiR

Reply
Nadzuah says

Nice one justin

Reply
Add Your Reply