On Wednesday it looked as though EURUSD bulls would give back the 1.1250 handle. At one point the pair was down 73 pips from the open and 47 pips below the key level.
But in a show of force, buyers came in with just minutes left in Wednesday’s session to close the pair at 1.1255. However, it appears the act only delayed the inevitable as yesterday’s session just closed below the 1.1250 handle.
As you can see from the chart below, the single currency had held above this level on a daily closing basis since the June 2nd close. That is until yesterday’s breakdown.
From here the 1.1250 area becomes resistance. Any retest over the coming sessions will likely encounter heavy selling pressure. Only a close back above the level would negate the downward trajectory. Key support comes in at 1.1100 followed by 1.0950.
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