Daily Price Action
Shares

EURUSD to Remain Indecisive While Between These Two Levels

Shares

The EURUSD tested a significant resistance area today.

We’ve had our eye on the 1.1170/80 region ever since the rally that began on the 11th of October.

You can see how this area capped the euro twice recently, once in October and a second time in early November.

Today’s rejection candle provides further evidence that 1.1170/80 is one to keep on your radar.

However, it’s also very close to the descending channel top that extends from the year-to-date high from January.

So even if the EURUSD were to close above 1.1180, a long position would be challenging given that the next resistance isn’t far away.

At the same time, any shorts are challenged by 1.1070 as well as channel support.

For these reasons, I think the EURUSD is a tough pair to trade right now.

As long as prices are above ascending channel support and below descending channel resistance, the euro will remain indecisive.

For the swing trader, that means waiting for a breakout.

It could take weeks or even months, but that’s why I monitor over twenty currency pairs.

I think a daily close above the descending channel top around 1.1200 could be appealing for a move higher.

On the flip side, a close below ascending channel support near 1.1050 would signal weakness and would also expose 1.0990 and perhaps the 2019 lows.

Until one of these scenarios plays out, I think the EURUSD will be a challenging and perhaps undesirable pair to trade.

Want to watch the EURUSD video I just released in the member’s area?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in December!

EURUSD key levels on the daily time frame

Leave a Comment:

3 comments
Justin Bennett says

Now You Can Get Access to the Same Professional Forex Charts I Use!

Get Access Now to start using correct five-day charts.

These charts give you five 24-hour sessions each week and are the same ones I use to trade the Forex market. Other non-professional charts that provide six-day weeks can produce false signals.

Download the Platform Today and get my 6-step swing trading cheat sheet as a free bonus.

Reply
PRASHANT AGARWAL says

1186 is a major fib and as you mentioned any sustained move higher has to have daily close 1188+ 1st. however even after strong rejection yest eurusd closed weekly 1105+ (imp number) which does mean that uptrend shud be intact possibly. fundamentally eur data is coming better than us for few mnths now incl manufacturing etc. lets see

Reply
Isiyaku Ibrahim says

The great trader,always by you site, thanks

Reply
Add Your Reply