Daily Price Action
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EURUSD Targets 1.1800 Following Breakout

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EURUSD has played out well for us so far this week.

Back on December 24th, I wrote about the potential for a rally in 2019. However, the idea required a daily close above wedge resistance near 1.1450.

The “daily close” refers to the New York 5 pm EST close in Forex.

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It wasn’t until January 7th that euro bulls cleared wedge resistance. Then came the retest of the level as new support on the 8th.

I was already long the EURUSD at 1.1360 from January 4th. But the retest on the 8th allowed me to add to my position at 1.1425.

I announced both entries in the member’s area.

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You may have noticed that yesterday’s session cleared 1.1530. This is a level I’ve had my eye on for several months.

It isn’t a perfect level (they rarely are), but you can see how 1.1530 has directed price action since May of last year.

It’s too early to tell if buyers will respect yesterday’s close above it. But there’s little doubt that buyers are back in control at the moment.

Even if EURUSD doesn’t hold above 1.1530, there is now massive support in the 1.1450/70 region.

As such, any pullback into this area could present an opportunity to get long.

Now to discuss targets…

The 1,000 pip falling wedge that began in April 2018 suggests a long-term move to the 1.2400 area.

That may seem unrealistic to some, but I assure you it isn’t. Look no further than the run-up that began in early 2017.

A shorter term target is 1.1800.

The area served as key resistance between May and September of last year. It’s also the 50% retracement of the falling wedge (April – November 2018).

I also think 1.1620 and 1.1730 could prove significant on the way up.

But all in all, I’m bullish EURUSD and will continue to be a buyer as long as the pair holds above 1.1470.

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EURUSD daily time frame showing breakout

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.

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  • Teddy says:

    Thanks J.. If only I have I have extra dollar, I will sign on your course.. May the lord bless you..

    • Justin Bennett says:

      Cheers. We’ll be here when you’re ready.

    • Delani says:

      Indeed, He deserves it.

    • Benjamin says:

      He truly deserves more

  • Ehiz says:

    Where is the guy that was doubting this breakout and dxy breakdown last time. You see how many pips dxy has gone since the break down. Dxy and EurUSd had similar pattern but opposite direction. Eu is just starting while dxy has along way to go too.

    • Justin Bennett says:

      Correct. I commented several times in the member’s area at the end of December about the DXY breakdown. It confirmed the break on December 28th, a full week before EURUSD broke to the upside.

      • Vuyo says:

        Its in a way good to have doubters so we can collect their money period. Thanks coach

    • Lance says:

      I am here with egg on my face. Humbled.

  • Euphemia Nwachukwu says:

    Thanks Justin for the commentary on this pair. It calls for action.
    Remain blessed.

  • Oladapo says:

    I will have lived to sign on your course to get more knowledge and grow in forex from you, but I don’t have extra money to pay now. Maybe later. Thanks. You are doing good work

  • Mwamba says:

    good

  • Sumantra kumar halder says:

    Excellent buy opportunities

  • Wouter says:

    HiJustin I never get the info when the right time to enter. I do not get alert from members area. Do I need to login the member area all the time. Waiting for reply thanks

  • Oladimeji says:

    Thank you boss

  • Geoff Taylor says:

    Thanks, Oh El Supremo of Trading, we are but your disciples!
    Keep them coming…

  • Sam Suresh says:

    Hi Justin i am saving up dollars to register the forum soon. Your analysis pinpoints the present condition, opportunities to enter and cash out profits from the targets set. Are you the Nostradamus of Daily Price Action???? LOL

  • OGBORO preciouslife says:

    Nice one

  • Steven H says:

    Not much of a commentor but I am compelled. I am riding with you Sir on this one. As soon as I have the money I will join your course. 1.2400 area does seem unreal, so for now I am aiming for the shorter term 1.1800. Thank you Sir for your brilliant analysis.

  • Oluwaseun. says:

    You are phenomenal. Your analysis are always spot on. It has helped me to fine tune my own bias. God bless you, Justin.

  • dawood says:

    i follow your signals every day. you are awesome

  • Arif says:

    Terimakasi pak justin…
    Atas analisaya..
    Tambah sukses selalu untuk bpk

  • Marie Li says:

    How would you read the EURUSD now that the price action closed Friday in the zone?

  • Jamshed3777 says:

    I feel EURUSD will pulled back upto 1.1390,

    • fola says:

      Same here and it’ll perhaps go below that

  • Austin says:

    This is a great platform

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