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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.
The EURUSD continues to consolidate following Monday’s 100-pip rally.
Tuesday’s session formed an indecision candle, and Wednesday was an inside day which illustrates more consolidation.
So far, today’s price action hasn’t ventured outside yesterday’s range either.
It seems buyers and sellers have yet to decide which direction they want to take the single currency from here.
But this sideways movement can’t last forever.
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At some point, EURUSD is going to break from consolidation, which could provide an opportunity.
I would say the 1.1180 support is a “must hold” level for buyers.
A move below 1.1180 could be the start of a move that unwinds most if not all of Monday’s rally.
On the other hand, a break above this week’s high of 1.1250 would expose those 1.1280 highs.
It could also very well take the EURUSD back to the range ceiling at 1.1410.
Of course, nothing says you have to trade the pair.
There’s a lack of direction here, not to mention price action that I would consider less than favorable for a swing trade.
But if you insist on trading the EURUSD, it seems a break below 1.1180 would expose 1.1110 while a move above 1.1250 would target 1.1280 followed by 1.1410.