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EURUSD: 130-Pip Target Lies Below 1.1180

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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
Justin Bennett says

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Matt says

Great insight, thank you. Stay Blessed

Reply
    Justin Bennett says

    You’re welcome, Matt. Glad you found it helpful.

    Reply
Sunday Oroge says

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

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    Justin Bennett says

    Not according to my chart. In fact, it will probably be below 1.1050 if and when the market gets there.

    Reply
      Sheriff Bobor says

      That may probably take a while to get to the 1.1050 level

      Reply
        Justin Bennett says

        The last four downturns have taken two weeks or less to run 250 to 300 pips on average.

        Reply
        Pierre Mifsud says

        Not necessarily…..DXY is set to strengthed i.e towards the 99.13 as a minimum

        Reply
      Pierre Mifsud says

      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

      Reply
        Pierre Mifsud says

        Obviously using the weekly timeframe

        Reply
ayesha says

but a pin bar appears on h4?didnt you notice it?

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    Justin Bennett says

    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.

    Reply
OGBORO preciouslife says

Well done

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POLA P says

nice one

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Ralph says

Hi,
We’ve got a close above 1.1222, do u think is gonna go down below 1.1200 tomorrow?

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    Justin Bennett says

    I’m not sure what 1.1222 or tomorrow have to do with what might happen here.

    Reply
      Ralph says

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

      Reply
        Justin Bennett says

        Anything can happen.

        Reply
        Pierre Mifsud says

        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.

        Reply
          Justin Bennett says

          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.

          Reply
Teddy says

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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    Teddy says

    I meant pull back 🙁

    Reply
Mama Zandile Khethile says

I salute you and your hard work of analyisi

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