Daily Price Action
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EURCHF Opportunity Materializes Above 1.0970

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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.

The EURCHF appears to be setting up for us.

On Friday, I wrote that the pair would produce an opportunity this week.

I didn’t know for sure it would, but given the way buyers were pressuring the 1.0970 level, a break higher seemed likely.

However, we were waiting for a daily close above 1.0970 to confirm the idea.

Monday’s session has given us just that.

Now that we have a daily close (using New York close charts) above 1.0970, it’s time to talk about where EURCHF may go from here.

Or should I say, recap?

Here’s what I wrote on Friday:

Buyers are going to need to close EURCHF above 1.0970 if they intend to push prices higher next week.

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If they do manage a daily close above 1.0970, we will likely see EURCHF push toward the next key resistance at 1.1060.

Beyond that, we have 1.1150.

Quote from Friday’s EURCHF post

I went on to explain how many of these horizontal levels line up almost perfectly with Fibonacci retracements of the year-to-date range.

Members also received a video on Friday of me explaining exactly what I meant by that and how I would be approaching EURCHF this week.

The bottom line is that as long as buyers keep prices above 1.0970 on a daily closing basis, I favor a move higher to 1.1060.

A daily close above that would expose 1.1150.

On the other hand, a close back below 1.0970 would be indicative of a false break and re-expose the 1.0910 support area.

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EURCHF daily close above 1.0970

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18 comments
Justin Bennett says

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Nasir Muhammed says

As always, I never get tired waiting and reading your insightful analysis. You are simply the best.

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    Justin Bennett says

    Thanks, Nasir. I love hearing that. I appreciate the support.

    Reply
Lynette Broderick Brown says

Can I have the mark up for the eurchf long term trade..thanks…i am a new customer just learning but need to have a go at a long term trade. Thanks

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    Justin Bennett says

    I’m not sure what you mean by “long term trade”.

    Reply
Frank Mongale says

Wonderful. I don’t have words to explain this. God bless you

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    Justin Bennett says

    Cheers, Frank.

    Reply
Azeez says

Thank you Justin. Base on this analysis, what time frame should I be looking for price action in order to determine my entry and exit point? Should I still stick to daily time frame or switch to lower time frame to scan for entry opportunity to go LONG?

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    Justin Bennett says

    That’s your call. You need to develop a method and stick to it. That’s the only way you’ll know what works for you and what doesn’t.

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Alfred Khoza says

Morning Justine , I have been following you for a year now and I have to say I have learnt a lot and thanks for adding videos. South Africa

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    Justin Bennett says

    Nice to hear that, Alfred. I think the videos are a great addition as well. Cheers.

    Reply
ali says

Thanks sir justin for excellent analysis.

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    Justin Bennett says

    You’re welcome, Ali.

    Reply
Azeez says

Hi justin,
On 4 hour time frame there is an upward channel extending from late channel till date, the upper trend line of this channel could act as resistant. For EURCHF. Thus pushing the price lower or a retest of 1.0970 level is likely soon. Please I’m right with this analysis instead of looking for price action to go LONG since both intermediate and secondary trend is down trend.

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Saravana velu says

Hi! Sir, you’re awesome..being happy for your articles and daily setup…it helping me to know more about in-depth knowledge of forex. Love you brother.

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Zunnun Khan says

your every post I find is very helpful.

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Mathan says

Hi Justin,

Your analysis are more insightful and helps in keeping track of the currency pairs. There always is ample space for improving trading techniques. With this pair I was longing the retest of 1.096 level but it turned out to be false breakout. I understand that the outcomes cannot be certain in Forex but is there any factor that can be added along with price action to determine these sort of false breakouts?

If the false breakout happens in daily candle (Which can be noted by longer wick) we can dodge it by waiting for the daily candle to close but EURCHF did not form any such long wick and showed clear breakout through 1.096 level and I thought I’ll trade the retracement but the trade turned against my position.

Regards,
Mathan

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