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EURUSD Future Direction Hinges on 1.2160

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The EURUSD tried to break out on Tuesday after carving an inverse head and shoulders pattern in the last few weeks.

I wrote about this pattern on Friday and again over the weekend.

You can see where the EURUSD is trying to close above that 1.2160 resistance area but hasn’t yet.

Sellers are still putting up a decent fight at 1.2160.

It’s going to take a daily close above the 1.2160 area to flip it to support.

Until then, expect EURUSD bulls to struggle.

As I mentioned last week, a close above 1.2160 would re-expose the 1.2330 resistance area.

However, the measured objective of the structure below is around 1.2380.

Will EURUSD reach those levels?

It’s unclear as of now.

What I do know is that 1.2160 is acting as resistance so far this week.

I also know that a daily close above that level is what it’ll take to expose higher prices.

Alternatively, a move below the 1.2000 area would negate the idea.

Keep in mind that Fed Chair Jerome Powell speaks on Wednesday at 10 am EST, which could trigger some volatility for the EURUSD.

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EURUSD daily time frame

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8 comments
Justin Bennett says

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Kevin D Clayton says

AGREE, NOT TRADING IT. Both the USD and The EUR are in a downtrend. So it will be a slow but steady climb. I go for opposing pairs were one currency is in uptrend and the other is in a downtrend. I try to catch them on a pullback. Makes for bigger moves. If EUR starts a new daily uptrend, then I’m in. Great posts. Made money on AUDUSD and NZDUSD up last few weeks. I’m out and waiting for a pullback for new entries.

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isaac anyiam says

please i need assistance i had tried all i could possibly do to be profitable in this trading but i keep losing money, please could someone help my little account is about burn up.

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    Greenville Trading says

    Send me a mail. Let’s talk.

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Alarape Kazeem says

Insightful! Thanks

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ali says

thank you for update sir justin.

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Sandi Rosenau says

Already a member, but love this site and the teachings

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Hadi says

Hi.I’m from Iran.I want to use your services but couldn’t open an account in blueberry markets.
Please guide me.
Thanks a lot

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