Daily Price Action

EURUSD Breaks 1.1300, Targets 1.1215


EURUSD closed below a key level yesterday.

On Sunday, I mentioned how the 1.1300 handle could attract buyers this week. But a close below it would expose downside targets.

You can see how the euro has already tested 1.1300 as new resistance today. As long as this area remains intact on a daily closing basis, EURUSD is vulnerable.

However, the 1300 level isn’t perfect.

Notice how the EURUSD broke below it on November 12th only to close back above it three days later.

There was a second false break on the 27th of November.

That means yesterday’s close below 1.1300 does not guarantee the euro will continue to weaken.

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If it does though, the next key support doesn’t come in until the 2018 low at 1.1215.

And a close below that would pave the way for a move to the descending trend line near 1.1100.

The “daily close” refers to the New York close at 5 pm EST. These charts are required for trading price action.

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Alternatively, a daily close back above the 1.1300 handle would turn our attention to the range ceiling at 1.1480.

That said, I would prefer to see a break from the current range before I trade EURUSD. The lack of momentum and favorable price action limits the potential here in my opinion.

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EURUSD new resistance level at 1.1300

About the Author Justin Bennett

Justin Bennett is an internationally recognized Forex trader with 10+ years of experience. He's been interviewed by Stocks & Commodities Magazine as a featured trader for the month and is mentioned weekly by Forex Factory next to publications from CNN and Bloomberg. Justin created Daily Price Action in 2014 and has since grown the monthly readership to over 100,000 Forex traders and has personally mentored more than 3,000 students.Read more...

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  • Carol Capner says:

    I’ve been looking at the EURUSD too. and it seems an up move will soon be upon us. Especially when considering the USdollar Monthly is setting up for a reversal.

    • Justin Bennett says:

      I won’t disagree with that. It’s part of the reason I’m not all that interested in EURUSD at the moment (see last paragraph above).

    • Pierre Mifsud says:

      I totally disagree with that….the DXY monthly shows nothing but strength….at least of 99.13

  • Praise says:

    Thanks very much sir

    • Justin Bennett says:

      You’re welcome.

  • Geniusbami says:

    I agree with you, the support is broken, and , as a matter of fact, I placed a sell limit, which has triggered as of the time of writing this comment. I’m risking 35 pips on the trade.

    • Justin Bennett says:

      Perhaps it will work out. However, as I mentioned above, 1.1300 has been far from a perfect level to short from in the past.

  • lou says:

    Thought you said usd/euro will see a massive upward movement.lol

    • Justin Bennett says:

      I assume you mean EURUSD. The idea was negated weeks ago. Those who have been following along know that.

      For the record, I’ve never said any market “will” do anything. It’s a game of probabilities.

      • Lodza says:

        It is true indeed no guarantees or absolutes in Forex trading as it is indeed game of probabilities and to add some discretion as well ,,,

      • Pierre Mifsud says:

        The Harmonic Strength Index is oversold for the monthly time-frame…..that means that 1.09233 should be the target eventually….when that will happen NO ONE can know this year

  • Henry says:

    If you take support as a line then you are right but I see support as a zone. In the context of a zone, price is within the support zone so my bias is price reversal from this zone.

  • Obinna John says:

    You are super right about the break below of 1.1300 yesterday not a confirmation for weaker euro. Looking at it from daily time frame at 28/11/2018 low and 14/12/2018 low are both significant of uptrend. Using RSI it shows uptrend momentum with RSI base line of 35 which many times serves as uptrend start point. On 4 hours time frame RSI is also below 50 with uptrend momentum. This maybe a bull opportunity for us.

  • Victor says:

    EURUSD survived 1.13000 zone many times from daily chart and i still think a close above this zone 1.13000 will attract buyers, thanks for your analysis.

  • Henryk says:

    Witam Justin,Euro odzyskuje moc zobaczymy na jakim poziomie się zamknie.Pozdrawiam

  • Ahmad Rashid Watanpahl says:

    It has been several times EURUSD reaches 1.12+ and then moves upward reaching the 1.15 level. I think the same scenario will repeat again.

  • Esi says:

    thank you

  • nadzuah says:

    nice im always follow

  • jegas says:

    2 Days before u told EU fail to break the 1300 levels,again it dive to 1215 ,everyone cursed u in FF article in comment section,im also not belive ur prediction,but it happen today,im very surprisingly. really master is always master.

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