Daily Price Action
Shares

EURUSD: Another Selling Opportunity, or More Upside?

Shares

Markets don’t break multi-year trend lines without some volatility.

In the case of the EURUSD, the pair is trading just above a twenty-year trend line that extends from the euro’s all-time low at 0.8225.

And if you use pricing data from the basket of pre-euro currencies, the trend line dates back to 1985.

As I’ve discussed for the last few weeks, that support area lies somewhere between 1.0700 and 1.0750.

I mentioned that region in last Saturday’s forecast video.

It’s no surprise then to see buyers step in while the EURUSD is trading above 1.0700.

We’ve seen buying pressure materialize over the last three trading days.

However, Tuesday’s 80 pip intraday rally presented us with a unique selling opportunity.

When the EURUSD was trading at 1.0880, I told Daily Price Action members that it’s where I would sell the pair if I weren’t already short.

Those who shorted the EURUSD around 1.0880 are already in profit by roughly 60 pips.

But despite things going our way, it’s important to stay defensive and not get overly bearish the euro.

Furthermore, as I’ve stated recently, it’s most likely going to take a monthly close below the multi-year level near 1.0700 to confirm the breakdown.

You can’t play a twenty-year breakout on the 4-hour or even daily time frame.

With that in mind, this Thursday marks the April close, so expect the elevated volatility to continue as market participants jockey for position.

That’s especially true given the upcoming Fed rate decision on Wednesday followed by the ECB on Thursday.

Buckle up.

I remain short from the 1.0980 area based on my April 14th commentary.

Want to watch the EURUSD video I just released in the member’s area?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in April!

EURUSD daily time frame

Leave a Comment:

13 comments
Justin Bennett says

Want me to help you become a better Forex trader?

Get a Lifetime Membership to Daily Price Action today and receive access to Justin’s full price action course, dozens of forums with over 3,000 members, daily videos of trade ideas, direct access to Justin, and much more!

Save 40% on a lifetime membership in April!

Reply
nadzuah says

nice one sir justin

Reply
Isiyaku Ibrahim says

Thanks you sir Justin

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Kayode Oduntan says

I have no Website yet

Reply
Raffet Ali says

Thanks Justin for your beautiful analysis.

Reply
    Raffet Ali says

    I have a question please:
    Does the color matter on bin bar?
    I mean, should we consider a red bullish bin bar? On the 4H there is a red bullish bin bar started frin 1.07270

    Reply
      Haseeb Khan says

      No, color doesn’t matter. Watch his webinars on YouTube he explains everything.

      Reply
Buddy says

Thank you, sir Justin. Mostly all of your analysis makes sense (at all time). Have a nice day! 🙂

Reply
ali says

Thanks for the update sir justin.

Reply
Ronald says

I shorted EURUSD at 108.300 and it touched stop loss last night. Do you think EURUSD is still remaining bearish as you have shorted EURUSD at 109.750.

Thank

Reply
Add Your Reply