EURUSD Crashes Back Below 1.1875

Written by Justin Bennett

Trusted by 100k monthly readers

Last Updated November 28, 2017

Forex trader since 2002

Written by Justin Bennett 

Forex trader since 2002

100k monthly readers

Updated November 28, 2017


The EURUSD just closed back below the 1.1875 key level. We’ve had our eye on this area ever since the pair closed above it on August 25.

We’d expect it to now serve as support given last Friday’s close above it. However, yesterday’s 1.1835 close has traders questioning the validity of last week’s bullish break.

In fact, I’ll be watching to see how the pair reacts to 1.1875 should we get a retest over the coming sessions. If the area is still of importance, which I believe it is, then we will likely see Euro bears defend it over the next 24 to 48 hours.

Keep in mind that the single currency could also catch a bid near 1.1810/15. It’s the short-term trend line that extends from the recent swing low at 1.1553.

A close below that could very well take us back to the 1.1670 handle. It’s a level we’ve discussed many times in recent weeks as it served as both support and resistance since late July.

If we get a daily close at 5 pm EST back above 1.1875, I will consider removing the level from my chart. But at the moment, Tuesday’s close suggests that Friday’s breakout was false and that a turn lower is likely.

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EURUSD false break on the daily chart

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Justin Bennett - founder of Daily Price Action

About the author

Justin Bennett started trading in 2002, and let's just say it was a bumpy ride. But in 2010, he had his "aha" moment once he ditched the indicators and focused 100% on price action. Justin has built a following of 100,000+ monthly readers and taught thousands of traders using his simple, no-nonsense approach. He's been highlighted as a top trader by Stocks and Commodities Magazine and regularly featured by Forex Factory next to publications from Bloomberg and CNBC. ...Read More


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