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EURUSD Breaks 1.1430, Targets 1.1530

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EURUSD bulls have cleared yet another key level with yesterday’s close.

That makes five straight days of gains. It’s the longest streak since the euro bottomed at 1.1300 on August 15.

By the way, that rally eventually topped out on September 24th after a gain of just over 500 pips.

With Monday’s close above 1.1430, buyers have their eyes set on 1.1530.

However, I suspect we may see a retest of 1.1430 as new support before buyers can muster enough strength for another push higher.

As long as 1.1430 holds as new support on a daily closing basis, upside targets are exposed.

One such target is 1.1730. Yes, I know that may seem like a stretch. But I have my reasons for targeting that area, two of which I shared with members last week.

I still have my long position from 1.1335 and will be interested in adding to it following yesterday’s close.

Make no mistake though; this is a counter-trend idea. It has been since I cautioned readers about shorting EURUSD last Thursday.

But as I told members this morning, I’m not shy about using price action to identify potential tops and bottoms, even if it’s against the longer term trend.

So far so good. We’ll see if buyers can keep this up.

A successful retest of 1.1430 (new) support could trigger a move to the next key resistance at 1.1530.

Beyond 1.1530 we have 1.1620 followed by 1.1730.

Don’t discount a move to the latter though. EURUSD managed a 500+ pip rally earlier this year, so bulls have proven they can do it.

And if they do it again from last week’s low at 1.1215, it would put the euro right at the 1.1730 mark.

IMPORTANT: I use New York close charts so that each day closes at 5 pm EST.

EURUSD daily time frame

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31 comments
Lerato says

Nice

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Sulaimanbawa says

What is your suggestion on this trade sir

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    Justin Bennett says

    My suggestion is to read the post, study the chart, and make a decision (and own your decision).

    Reply
Eric says

How weak is USD?🤔

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    Justin Bennett says

    Not that weak relatively speaking.

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Eric says

As it’s stands where are we heading?

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POLA P says

i’m loving this…big ups Mr.

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len says

not a comment but a question. how much does the forex market follow the us stock market?

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    Calvin says

    Your can’t compare forex with NY stock exchange its only $89 billions on basic daily transactions while its almost 5 trillions daily transactions are carried out world wide even here in Africa people are becoming millionaire s with forex

    Reply
    Justin Bennett says

    The yen tends to follow the stock market to some degree. Outside of that, there isn’t much correlation.

    Reply
Femi Orunmole says

Good analysis keep it up

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Tebogo Molefe says

Thank you boss for the analysis and I have my long position too on eurusd and platinum

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Howard Hill says

I think a retest of 1.1430 is probable.

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Praise says

Thanks very much sir

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Ballack says

Other group that I join target SELL EURUSD

Price : 1.1450
SL : 1.1510
TP: 1.1300

Not really sure..but based on support and resistance, we know that..EU is really pushing up really hard..

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    Ballack says

    And…I trade based on what Justin has shared here…

    Reply
Sumantra kumar halder says

Thank you very much

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Elizabeth says

This is amazing Justin. I appreciate your analysis. How do you set your stop loss?

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Good luck says

Please j what is the meaning of those two lines in the chart the blue and red line

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Agrey W Wihala says

So we need to wait for the retest of 1.1430 before entry.

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Uzoma Nnamdi says

Thanks Sir Justin, I’m long and still holding. God bless for the impact you are having on people’s lives

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Uzoma Nnamdi says

Please sir can you put your support and resistance lesson link here for me. I want to go through it again. Thanks

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OGBORO preciouslife says

Nice one

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Antohi Dan says

A question – I have a demo account at BlueberryMarkets.It is OK from the point of view of New York close charts ?

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Marco says

What was your reason for putting a long on 1.1335. I see a level from August 15, isn’t that a big obstacle to a long trade? Thanks for sharing your ideas

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sonke kunene says

Thanks for the fruitful analysis upon adding another position do you use the lower time frames since most of the time you use pin bars and there’s none on D1

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    Justin Bennett says

    I sometimes use the 4-hour chart, but 90% of what I use occurs on the daily.

    Reply
Adeolu Adewole says

As the bears are back now. Next target should be 1.130?

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Burton says

Great analysis. Really impressive!!

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