EURUSD: Can Buyers Keep the Pressure on 1.1070?

by Justin Bennett  · 

November 20, 2019

by Justin Bennett  · 

November 20, 2019

by Justin Bennett  · 

November 20, 2019


The EURUSD has been trending higher nicely since coming off of 1.0990.

I wrote about the significance of the support area between 1.0990 and 1.1020 on November 8 and again on the 13th.

The pair even carved a bullish engulfing candle on November 14.

Following that low on the 14th, the EURUSD rallied just over 100 pips as of Monday’s high.

If you’re a frequent reader of this site, you know how significant the 1.1070 level has been since August.

Notice how EURUSD closed just above that level on Tuesday.

But the 1.1078 close doesn’t mean that 1.1070 is all of a sudden going to attract buyers and push the pair higher.

Sure, it may happen, but these levels are often zones or areas rather than exact prices in the market.

If you go back to the daily closing prices in August and again in late October, you’ll notice that most of those occurred around 1.1077.

With that in mind, an eight pip close above 1.1070 on Tuesday does not constitute a confirmed breakout, in my opinion.

But it’s going to come down to today’s close at 5 pm EST.

If the EURUSD closes below 1.1070, it’s an indication that the area is still serving as resistance.

On the other hand, a close above 1.1070 would be a sign of strength, in my opinion.

It would also carve an inside bar pin bar combination.

As of right now, though, there isn’t much to do here.

We could also see an influx of volatility for the majors today around 2 pm EST following the release of the latest FOMC minutes.

I’m still long the EURUSD from just above 1.1000, as I mentioned in the member’s area on the 14th.

Whether I hold or fold will come down to where today closes at 5 pm EST.

But even an exit at the current price would equal a 2R trade, so I can’t complain.

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EURUSD 1.1070 area still attracting sellers

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  1. As a trader with a modicum of experience, you would do well to listen to Justin when it comes to S/R and TL trading along with price action. Many courses depend on some “secret” method which is always bogus. Also, keep in mind that when it comes to Moving Averages that their are 4 basic methods and 6 methods which amounts to 24 permutations for each number. This discounts shifts so someone can always find and number of combinations to try and justify a particular situation. Complete and utter nonsense.

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