Daily Price Action
Shares

EURUSD Sells Off From Key Resistance

Shares

On Monday I wrote about a key resistance area for EURUSD.

The 1.1290 region is part of the March 2018 trend line. We’ve discussed this level several times over the last couple of months.

Even though the pair cleared this resistance level for a few days in March, I figured it would still play a role here.

Today’s session is validating my theory.

After reaching a high of 1.1287 earlier today, the EURUSD sold off aggressively and is currently trading 40 pips below our resistance area at 1.1290.

If it stays this way, we’ll have a bearish engulfing candle from resistance on our hands. As always, it all depends on where EURUSD closes today at 5 pm EST.

I use New-York-close Forex charts so that each 24-hour session closes at 5 pm EST.

Click here to get access to the same charts I use to trade price action!

That should be enough to keep the downtrend intact for a while longer.

Just keep in mind that key support isn’t far away at 1.1180/90.

You can see how EURUSD found support here in March and again earlier this month.

It’s going to be essential for sellers to clear that 1.1180/90 area on a daily closing basis. That’s the only way they’ll be able to open up downside targets.

One of those targets includes the November 2017 trend line.

That level connects with the lows from August and November 2018.

If EURUSD bears can clear 1.1180/90 support to expose that trend line, it could mean a 1.1060 print over the next few weeks.

Alternatively, a daily close above the March 2018 trend line near 1.1280 would negate the bearish outlook.

Want to see how we’re trading EURUSD? 

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

EURUSD key support and resistance levels

Leave a Comment:

28 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

Thank you?Sir

Reply
    Justin Bennett says

    Sure thing!

    Reply
Matt says

Thank you for the insights Sir. highly appreciated. Stay Blessed

Reply
    Justin Bennett says

    You’re welcome.

    Reply
John says

doing good, keep it high up

Reply
Ravi says

Dear Justin,
Thanks for your nice analysis…..
I believe Bull market is going to start as soon as market Close above 1.1280/90 , as we are in Seller market more than a year…

Reply
    Justin Bennett says

    I’m not doing anything here at the moment.

    Reply
Peter promise says

Thanks Justin… awesome insight

Reply
    Justin Bennett says

    You’re welcome.

    Reply
TK says

From Technical point of view, it seems the pair should head north to touch 1.138 before the next leg down

Reply
    Justin Bennett says

    It could happen. I have no interest in EURUSD at the moment.

    Reply
lance says

…”currently trading 40 pips below our resistance area at 1.1290.”

Do you mean 1.12290? (I am trying to follow on my chart)

Reply
    Justin Bennett says

    No, I meant 1.1290. The key word there is “currently”.

    Reply
Roger says

Your chart work is always accurate and filled with knowledge

Reply
    Justin Bennett says

    Cheers.

    Reply
      Ahusi Chima says

      Thanks Bennett

      Reply
Tumuranzye says

Thnx Justin… Am requesting u to give us the technical analysis for dollar index as well. Thank u

Reply
    Justin Bennett says

    You’re welcome. I don’t discuss the USD index, at least not on the free website.

    Reply
      banet says

      OK sir

      Reply
OGBORO preciouslife says

U are a blessing. Thank man

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Adi says

I think it’s still long for a moment for eurusd

Reply
Prashant says

start of bull run mayb for eur .. the 1.142 breach high .. now did not make new low south of 1.175 .. but too early to say .. immed target seems 1.1330 around ..

Reply
Najib ul Rehman says

Dear Sir! If you have waited for close of the day your analysis would have been different

Reply
    Justin Bennett says

    No, it would have been the same. The point of this post was to illustrate how the March 2018 trend line is still a factor (which it clearly is).

    Whether you buy, sell, or do nothing is your choice, not mine.

    Reply
Prem says

Thank you Justin, your awesome!

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Add Your Reply