Important: I use New York close charts so that each 24-hour period closes at 5 pm EST.
Click here to get access to the same charts I use.
On Monday I wrote that the EURUSD looked vulnerable despite recent gains. The single currency was beginning to lean heavily on an intraday support level and was also having trouble moving above resistance at 1.1830.
That 4-hour ascending channel broke down just hours after Monday’s commentary. And despite some strength during yesterday’s session, the EURUSD is selling off aggressively from, you guessed it, the 1.1830 handle.
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Now, this is where we need to go back to a level I mentioned Sunday. I also pointed it out as support in the June 4 post.
There is a trend line that extends from the 2017 low that is under pressure as I type this. In fact, there are a couple ways to draw this level; the position you see below is one of them.
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If the EURUSD closes below 1.1675 today (remember, I use New York close charts which you can get access to here ), it will reinvigorate the downtrend that began on April 20.
I do think there’s a good reason to keep the 1.1575 support level on my chart based on the price action between July and November of last year. However, I also think that a close below 1.1675 would expose the recent lows at 1.1510 and perhaps even 1.1480.
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Leave a Comment:
26 comments
Thank you.
Any word on gbpjpy
Yep, just posted about it yesterday and we’ve been discussing it all morning in the member’s community.
Your are just th best man.
Thanks for the kind words.
You are a guru in forex market no contention on that, carry on sir………
please help me to join , my account is still pending
Do you have any view on USDCHF?
Mac, most times the eurusd and the usdchf
move in opposite direction. My view on usdchf is that the pair will go upward
I think trendline support 1.1620-30 area…
The 4-hour chart doesn’t agree with that.
yes justin most of the time your analysis very lucrative
Tkank you dear Justin 😘
Justin i can boldly tell someone that you are leader that sees afar and alerted his followers against danger. I rase cap for you. Keep it simple. Big thanks
You’re welcome. Cheers!
those redlines support and resistance how do you determine them
What time does New York,London’s and Asian session starts and what time do they end?
Your the best man since i bought it from the first day you mentioned its vulnerability and i am still on it rolling profit.
how do i become a member of your community?
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