EURUSD began today’s session on a bearish note.
After reaching a high of 1.1391, the euro lost just over 80 pips in a few short hours.
However, the 1.1300 support handle offered relief for bulls. It’s an area I’ve pointed out several times since December.
There also appears to be ascending channel support just above 1.1300. That’s helping to attract bids so far today.
If the EURUSD can finish today’s session with a bullish pin bar, it could signal a turn higher over the coming days and weeks.
Keep in mind that the session close is 5 pm EST. Not all brokers offer this type of chart.
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If the pair can hold above the confluence of support between 1.1300 and 1.1330, we could see the single currency trend back to 1.1450/80 resistance.
An even loftier target would be ascending channel resistance. That may come in as high as 1.1620 depending on how long the bull move takes to play out.
For now, though, it all comes down to today’s close at 5 pm EST.
A bullish pin bar could take EURUSD back to 1.1450/80 followed by 1.1620.
Alternatively, a daily close below the 1.1330 area would likely extinguish the potential for a bullish move.
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