Daily Price Action
Shares

EURUSD Moves to Retest Trend Line Resistance

Shares

EURUSD bulls are on the move today after testing 1.1180 support last week.

The bullish candlestick on April 2nd suggested an influx of buying pressure in the area. However, the price action late last week wasn’t all that convincing.

Buyers are putting any doubts to rest today, though, with the pair up 50 pips at the time of this writing.

But the real test for bulls is just above the current price.

I still think the trend line from the March 2018 high near 1.1290 will be a factor if tested over the coming sessions.

EURUSD bulls failed to hold onto the breakout that occurred here in March, but that doesn’t mean the level is no longer valid.

That said, this is not a level I would sell from without some form of bearish price action such as a pin bar.

I would rather wait this out and see how the pair reacts to the March 2018 trend line near 1.1290.

The false break last month and bearish momentum since early last year point to additional losses.

As of now, that 1.1180/90 support area stands in the way of the November 2017 trend line at 1.1060.

I’m not opposed to turning bullish EURUSD, but buyers need to clear this trend line and prove they can hold onto it as new support first.

Want to see how we’re trading EURUSD? 

Click Here to join us and save 40% – Ends April 30th!

EURUSD key support and resistance

Leave a Comment:

18 comments
Justin Bennett says

Now you can get access to the same professional Forex charts I use.

Get access today:

https://www.blueberrymarkets.com/lp/dailypriceaction

These charts give you five 24-hour sessions each week. They are essential if you trade from the daily or 4-hour time frames. Anything else can produce false buy and sell signals.

Reply
Syed Hassan says

Thanking you,Sir

Reply
    Justin Bennett says

    You’re welcome, Syed.

    Reply
POLA P says

thanks

Reply
Lance says

Sorry to seem dumb but on my chart on 3 March 2018 EURUSD was 1.2176 on an H4 chart and on 26 March it was 1.2460, so I do not understand where the figure of 1.1290 comes from. I really want to follow the thinking here.

Reply
    Nelson Chuna Osaroluka says

    he does daily analysis, you do h4

    Reply
      Lance says

      Thank you- also I get it now- it means the trend line FROM 1.25443 TO 1.1290

      Reply
    Justin Bennett says

    It’s the trend line from the March 2018 high.

    Reply
Peter promise says

Amazing Sir

Reply
    Justin Bennett says

    Cheers, Peter.

    Reply
lofinmakin bolaji says

wow this is fantastic todays trading for eur/usd from 1.12101 to 1.12727 was bullish which is 58 pips althogther which is so fantastic wow

Reply
    Charles says

    Bolaji, I quite agree with it was so fantastic today. Thank God for that.
    I’m Shina…. have a green pip week

    Reply
daven says

Your technical analysis is simply splendid and spot on. Do you time your entry using the 4hr and 1 hr charts

Reply
    Justin Bennett says

    No, I usually stick to the daily time frame.

    Reply
GOLD MAN says

Good one, I really appreciate your technical analysis , it helps a lot.
and please I have not yet see any respond on your whatsApp

Reply
    Justin Bennett says

    Glad to hear it!

    Reply
Joas says

Can we please have gold support and resistance

Reply
Add Your Reply