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EURUSD Breaks 1.1300, Targets 1.1215

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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.

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

Leave a Comment:

19 comments
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.

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    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).

    Reply
    Pierre Mifsud says

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

    Reply
Praise says

Thanks very much sir

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    Justin Bennett says

    You’re welcome.

    Reply
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.

Reply
    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.

    Reply
lou says

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

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    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.

    Reply
      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 ,,,

      Reply
      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

      Reply
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.

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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.

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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.

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Henryk says

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

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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.

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Esi says

thank you

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nadzuah says

nice im always follow

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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.

Reply
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