EURUSD: 130-Pip Target Lies Below 1.1180

by Justin Bennett  · 

April 23, 2019

by Justin Bennett  · 

April 23, 2019

by Justin Bennett  · 

April 23, 2019


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.

EURUSD is approaching a key test at 1.1180 yet again.

I wrote about the likelihood of a move lower this week in Sunday’s forecast.

Last Thursday’s selloff appeared to have extinguished the short-term bullish momentum that began on April 2nd.

Sure enough, today’s session has taken out last week’s low at 1.1226.

The EURUSD is also just 20 pips from the 1.1180 support level.

Given the lower highs of late and the false break of trend line resistance on March 20th, a break below 1.1180 seems likely.

However, I’m going to need to see a daily close below 1.1180 before I begin watching for a selling opportunity.

The “daily close” refers to 5 pm EST when using the New York close charts I use and recommend.

Until the euro clears the support level on a daily closing basis, we should expect to see buyers defend it.

My target following a break below 1.1180 will be the 1.1050 region.

There is a descending trend line that extends from the November 2017 low that intersects with the 1.1050 area.

Here it is on the weekly time frame:

EURUSD weekly trend line

That could become significant if EURUSD sellers can secure a close below 1.1180.

Don’t be surprised if we see another bounce from support, though.

Buyers aren’t likely to go down without a fight, especially when dealing with an area that represents a multi-year low for the single currency.

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EURUSD daily time frame


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26  Comments

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  2. Good Analysis my doyen. True to analysis on Sunday, the EURUSD pair is finding a support @ 1.1180. Please the descending trend line that extends from the November 2017 low intersection is far above 1.1050

      1. I perfectly agree with Justin.. If you apply the Fibonacci levels on the lows to the highs the 1.618 which marks the end of this drop cycle should be at 1.0955

    1. I’m not even paying attention to the 4-hour chart here. As I wrote above, it’s all about the daily close.

      There’s also a lot more to a trading edge than a mere pin bar.

      1. Jus wanna hear ur opinion wether it might bounce to may be 1.1250 because d market closed above 1.1222 on 23 April..

        1. You are asking too much out of Justin…….Listen, Ralph NO ONE can predict this time….the market dictates how and when to move and in what manner, sometimes it trends so it moves faster than other times when it goes sideways as this relies on human sentiment and other announcements…… but our best strategies will always remain a game of probability and we can NEVER always beat the market because no one is always right.

          1. Correct. I always see others trying to figure out when something might occur. My only guess is that they trade binary options. But it’s always best to let the market figure itself out rather than jump the gun.

  3. Well.. I aim for 1.11760 mark, as expecting some pull away, then going for 1.11800 for another short.. Great insight J

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