Daily Price Action
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EURUSD Determined to Challenge 1.1440 Resistance

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EURUSD bulls are back in the driver’s seat this week.

At least for now. The descending channel I pointed out on Monday has caused the single currency to gain 70 pips so far this week.

It comes following a relatively bullish Friday candle. I mentioned this pattern in Sunday’s forecast.

I wanted to take a moment to remind everyone about the range-bound price action we’ve seen here since October of last year.

In fact, EURUSD lost most of its momentum following the steep downtrend between April and May of 2018.

Since then we’ve witnessed a lot of 100 to 200 pip swings.

If you’re a swing trader who uses the higher time frames like me, the last few months have been unimpressive to say the least.

However, this latest descending channel offers some relatively clean technicals.

It sure beats the sporadic price action in November and December.

EURUSD remains a buy in my opinion. But as a reminder, it may be best to limit your expectations to the 1.1440 resistance area.

Of course, a daily close above channel resistance would be a welcome sight for swing traders who use the daily time frame.

It would offer some much-needed momentum. It would also expose the year-to-date high at 1.1570 and perhaps the 1.1620 horizontal level.

But for now, EURUSD seems content between 1.1250 support and 1.1440 resistance.

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EURUSD range on the daily time frame

Leave a Comment:

23 comments
Priceless Paul says

Well said My mentor. Keep up the good work.

Reply
    Justin Bennett says

    Thanks for stopping by.

    Reply
isaac says

thanks a bunch Justin, your insight is regardful

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Praise says

Thanks for that.. sir

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Abdulmalik says

Always doing great work

Reply
    Justin Bennett says

    Cheers. Thanks for the support.

    Reply
Omodara says

Market has gradually picked up, thumbs up sir!

Reply
Daniel Sumomba says

good interpretation

Reply
    Justin Bennett says

    Thanks, Daniel.

    Reply
Prashant says

nice timely comment Justin. on 4hrly thr is perhaps an inverted HnS with neckline 1334 n head 1230 which calls for target 1430 around .. roughly your lvls

Reply
    Justin Bennett says

    Cheers, Prashant. I don’t trade the head and shoulders on anything lower than the daily time frame.

    Reply
Benjamin says

Thanks sir for excellent analysis

Reply
    Justin Bennett says

    You’re welcome, Benjamin.

    Reply
Qvee says

Thank you.

Reply
Gede Udayana says

Dear Justin,

In my opinion, the pair just completed breaking ascending channel and has tested it as new resistance with bearish rejection candle form yesterday

Reply
    Justin Bennett says

    Thanks for sharing your view.

    Reply
Fredrick says

Great one,,,,,thanx.

Reply
    Justin Bennett says

    You’re welcome, Fredrick.

    Reply
Odewusi says

Thank you sir

Reply
    Justin Bennett says

    Anytime, Odewusi.

    Reply
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