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EURUSD Breaks 1.1110, Targets 1.0860

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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.

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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19 comments
Justin Bennett says

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Guchi says

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

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    Justin Bennett says

    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.”

    Reply
Lee Robinson says

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!

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    Justin Bennett says

    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.

    Reply
Margeir Margeirsson says

Nice work. Have been watching you for some time with good results. Thank you.

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sky says

if we waiting for price action such as pin bar is it not too late sir?

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    John Paul says

    Definitely not late. It is always best to miss a trade than be trading against the trend

    Reply
    Justin Bennett says

    Retests can sometimes take days to play out. I prefer when that happens, in fact.

    Reply
John Paul says

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.

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Basharat Ali says

Nice work

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    Justin Bennett says

    Cheers!

    Reply
James Hoffman says

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

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    Justin Bennett says

    OANDA offers New York close charts for US residents. Just an option to consider.

    Reply
Jane Karimi says

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

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James Hoffman says

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 .

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Mash says

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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    Justin Bennett says

    It’s working for others.

    Reply
Simi says

i think this trade got SL..I emailed you many times but no response

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