EURUSD Breaks 1.1110, Targets 1.0860

by Justin Bennett  · 

July 31, 2019

by Justin Bennett  · 

July 31, 2019

by Justin Bennett  · 

July 31, 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.

Just yesterday I wrote about two ways to short the EURUSD.

The first was to watch for a retest of the 1.1190 resistance area.

Clearly, we didn’t get that today.

The second option was to wait for a daily close below the (former) multi-year support at 1.1110.

My base case was for a break of that level regardless of whether we got a retest of 1.1190 or not.

It seems Wednesday’s Fed rate decision gave us what we were after.

As I write this, the euro just closed below 1.1110 by 35 pips.

It’s an area that has supported EURUSD since late April. And as we know, old support becomes new resistance.

As such, I will be watching for a selling opportunity following a retest of the 1.1110 level as new resistance. 

Ideally, we get some bearish price action there such as a pin bar.

But I’m not opposed to shorting the pair at 1.1110 without said price action. I will, however, keep any position small until we get confirmation.

As I wrote yesterday, the next key support comes in at 1.0860. 

Only a daily close back above 1.1110 would negate my bearish outlook. 

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EURUSD breaks key support

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  2. sir please i really appreciate your help so far it has been great following your ideas, but sir can you specify whether we should buy or sell the pair just for the day only

    1. I wrote what I’m doing above. Here’s a quote:

      “As such, I will be watching for a selling opportunity following a retest of the 1.1110 level as new resistance.”

  3. If we were to sell at 1.1110 without a price action signal, as you say, then where would a logical SL be placed. Thanks for your time!

    1. I would not want to see the pair climb back above 1.1160, but I’d give a buffer of 10-20 pips above 1.1160.

  4. Trading Forex is indeed easy when you know exactly what to do. Sometimes, simply following simple instructions helps a lot in this business.

    Thanks, Mr Justin.

  5. Justin,

    My problem is I am in the USA and I contacted Blueberry Markets and they told me they did not accept USA clients. I need a broker in the USA( I quess ) where I can open my account . Mostly I trade my Funded account at APIARY FUNDING but I want a forex account somewhere . So the question is where ?

    I did not get in due to these problems, but I want in .

    James Hoffman 706.987.5435 USA

  6. Hi Justin, Just as you commented above, it seems we might get a retest of 1.1110 as new resistance on EURUSD. It’s moving in that direction now. Am waiting, hopefully a pin bar forms. Thank you

  7. I have traded Dealer’s Playbook from 3rd week in may thru about 3rd week in July without a losing day. Grew my Apiary funded account from 1830 to 2400 .
    But then I have had 3 big losses in a row. Maybe I need to get back to the Dealer’s Playbook. I have just learned this recently and probably need more teachings from my mentor .

  8. Sir , tried to join your WhatsApp group but the link doesn’t put me through … I’d really love to learn more from you

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