Daily Price Action
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EURUSD: Buyers Defend 1.1450 as New Support

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The EURUSD broke a key level early last week.

I’ve discussed the importance of falling wedge resistance for several weeks now.

However, the late week pullback raised some doubts among buyers.

Anytime a market gives up nearly 100 pips of gains in two straight losing sessions, it’s a sign that supply is outweighing demand.

That isn’t what you want to see during a pullback.

However, there are two reasons why this time is a little different.

For one, volume in the Forex market doesn’t usually come back until the third week of January. That’s this week for those counting.

That means last week’s pullback occurred on relatively low FX volume.

Second, but in the same vein as the first, late week moves are always suspect. Volume dries up on Fridays, and profit-taking becomes a primary market mover.

So where does that leave us?

In my opinion, it leaves us with the EURUSD bullish potential I mentioned on December 24th very much intact.

The pair is still holding above the 1.1450 support level I’ve commented on several times in recent weeks.

Even if EURUSD drops below 1.1450, it wouldn’t necessarily negate the bullish potential.

Former wedge resistance (blue line) is what needs to hold on a daily closing basis.

Click here to get access to the same “New York close” charts I use for trading price action.

As long as EURUSD is above it, buyers have a chance.

I’m still long here. First at 1.1360 and again at 1.1425. I will continue to monitor the price action, but right now I have no reason to exit my position.

As always, members will know what I’m doing before anyone else.

Key resistance comes in at 1.1620 followed by 1.1730.

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EURUSD new support level on the daily chart

Leave a Comment:

35 comments
Sumantra kumar halder says

Wonderful presentation

Reply
    Justin Bennett says

    Thanks, Sumantra.

    Reply
Tosyno says

God bless you J.
I’m joining your class real soon!

Reply
    Justin Bennett says

    I look forward to having you.

    Reply
alex says

thanks justin.. i am also in… i think fight is not over yet..

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Gareth says

Thank you very much brother

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    Justin Bennett says

    You’re welcome.

    Reply
Kunle says

Thanks for this analysis. Been following and expecting this move a while now.

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Mauritz says

Love your analysis and explanations, keep up the good work Justin 👌

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    Justin Bennett says

    Will do. I appreciate the support.

    Reply
Ferdous Hasan Ratul says

Nice

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Maureen says

Thank you

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Prince Odarno says

Great analysis

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Susan says

In long term, I believe it will go down to 1.120

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Uzoma Nnamdi says

Thanks Sir updating us

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POLA P says

insightful…thanks Justine

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Layigold says

Thumb up for great and excellent. The weekly chart of dollar index put up a bearish outlook and that of EURUSD put up a bullish outlook and that is a good confirmation of negative correlation . I remain bullish in EURUSD

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Oladimeji says

Thank you boss…I am becoming a proper member soon I don’t like to miss opportunity God bless.

Reply
    Justin Bennett says

    My pleasure. I look forward to seeing you there!

    Reply
AP says

Thanks

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Seng says

Thank you for your analyse but any way i read your email

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michael says

great analysis

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Boniface says

Thank you so much, i have seen your predictions working perfect on me.

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Dee says

I decided to take profit on eurusd, but I’m getting usdcad and nzdusd run,
I’ve implemented my defensive strategy by adjusting stoplosses…
Good lesson by justine😀😀

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OGBORO preciouslife says

Thanks

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Chinonso Catherine says

Great job. Thanks Justin

Reply
    Justin Bennett says

    Cheers. You’re welcome.

    Reply
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