Daily Price Action
Shares

EURUSD Breaks 4-Hour Wedge Support, Targets 1.2275

Shares

Important: I use New York close charts. Click Here to Use My Preferred Broker

The EURUSD looks to be gearing up for another run at 1.2275. The pair just closed below 4-hour wedge support after being rejected by the upper boundary yesterday.

All of this is occurring at a time when the single currency has been range-bound since mid-January, so finding an intraday wedge here makes sense.

As long as former support near 1.2355 holds as new resistance, the 1.2275 area remains exposed. A daily close below that would open the door for a move to the confluence of support at 1.2160.

I expect to see a considerable bid develop should the EURUSD reach the 1.2160 area. It’s the intersection of the January 18 and March 1 lows with trend line support from the April 2017 low.

However, I still maintain the idea that a close below the April 2017 trend line support or the 2008 trend line resistance is the much bigger play. Anything before that is just a warm-up.

For now, though, it’s about seeing former support at 1.2350/60 hold as new resistance. Key support comes in at 1.2275 followed by 1.2160.

Alternatively, a close back above former wedge support would re-expose resistance near 1.2400 followed by 1.2470.

Free Webinar: Learn how I trade pin bars, draw key levels, and much more! 

Click Here to Register

EURUSD 4-hour wedge pattern

Leave a Comment:

15 comments
Segun Adeyemi says

I have sent a text to your number to join your WhatsApp group

Reply
    Vinola says

    I did it twice nothing

    Reply
      Justin Bennett says

      If you sent “join” to the number listed via WhatsApp, you would have been added. Maybe you didn’t text the word “join,” or perhaps you sent it directly to my phone. Both seem to be frequent occurrences.

      Reply
        sepia says

        hello i sent join to the whatsapp number am yet to be added

        Reply
          Justin Bennett says

          If you just sent it, you’ll receive tomorrow’s update. If you sent it more than 24 hours ago, you should check the number.

          Reply
          sepia says

          +1 240 778 3679 This the cantact i sent to

          Reply
Astrobar says

Thank you

Reply
Bart says

Justin, you are good !! I an watching my charts now and its struggling to break but I see on the 4hr it has formed a tweezer bottom. So I would prefer a close aswell below that.Thanks for the great work

Reply
Admas Engdashet says

Wow it is nice to continue four everi time.

Reply
Ella says

Are these live signals relieble?

Reply
    Justin Bennett says

    This is NOT a signal service. Ideas like the one above are just my opinion/view of the market. It is never a recommendation to buy or sell.

    Reply
Lekhema says

I really thank you Justin these days when you post something at least I can see I am not that far from your analysis such as EURNZD, GBPNZD thank you very much for teaching me how to be patient in the market

Reply
Milad Lj says

so thank you Justin

Reply
Gaurab sitoula says

How can i get money by using this web side .And i dont have any idea to use this web site can u gide mee .so i can also work effectly in this website and generate money .

Reply
VALDEK says

hello am trying to send message to the whatsaap number but my tx is not deliver what may be the cost please am in Nigeria

Reply
Add Your Reply