Daily Price Action
Shares

EURUSD Rally Depends on 1.1260

Shares

Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.

EURUSD is approaching a make or break area at 1.1260.

I’ve mentioned this region several times in recent weeks. For one, it served as resistance for the euro in the first half of May.

Furthermore, the 1.1250/60 area is the support level of what is now an ascending channel that extends from the May 30th low.

We’ll have to wait and see how the market wants to treat this channel. But given the longer-term downtrend here, I’m anticipating a break lower.

The EURUSD is in a downtrend until it isn’t. Until we see the pair carve higher highs, I have to favor shorts.

In the case of the EURUSD, that means a close above 1.1410 or thereabouts.

I won’t be interested in selling EURUSD, however, until sellers clear channel support on a daily closing basis.

If sellers can get the job done, we could see the euro trend toward year-to-date lows at 1.1110.

Alternatively, bullish price action from the 1.1260 area would re-expose the 1.1330 area and perhaps trigger another test of 1.1410.

One to two messages daily. You can unsubscribe at any time. See our privacy policy.

Want to see how we’re trading EURUSD? 

Click Here to join us and save 40% – Ends July 31st!

EURUSD ascending channel on the daily time frame

Leave a Comment:

6 comments
Justin Bennett says

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

Get access today: http://bit.ly/2UzPyiR

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.

Download the platform here: http://bit.ly/2UzPyiR

Reply
Zakariya says

Great analysis always. Thank you

Reply
ab says

euro/usd long and go

Reply
yusbetik says

HNS at M5………

Reply
Samuel says

Thanks for the updates.

Reply
Lonewolve says

Dope set-up

Reply
Add Your Reply