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EURUSD Tests Key Support at 1.2150

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EURUSD is testing a must-hold level today at 1.2150.

That’s the level that served as resistance during the first half of December and later flipped to support.

As I mentioned on Saturday, a daily close below 1.2150 would open the door to the 1.2000 area.

That’s the top of the multi-month range that broke in December.

Only a close below 1.2000 would flip my bias from bullish to bearish.

As long as the EURUSD is above that area, I like the idea of buying dips.

Keep in mind, too, that the euro is still in its early stages of breaking out from a massive symmetrical triangle.

EURUSD monthly triangle pattern
EURUSD monthly time frame

As long as EURUSD is carving higher highs and lows following the July 2020 breakout, the uptrend is intact.

That said, I don’t see an immediate opportunity to get long.

I’m still holding a long position from November 27th, although I have removed some of that position.

If the pair closes below 1.2150, I will book profit on the rest.

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EURUSD key support on the daily chart
EURUSD daily time frame

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12 comments
Justin Bennett says

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MARTIN MAINA says

DISCLAIMER, THE PAIR WILL MOST LIKELY FOLLOW AUDUSD , TOMOROOW BEING A WEDNSDAY , REVERSALS DO HAPPEN AS INSTITUTION TRADERS ADD MOR AND GET RETAIL MONEY ON WRONG SIDE FOR ME THE PAIR IS STILL BULLISH THESE ARE JUST PULLBACKS

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Davy Van campenhout says

Hey Justin so your target at 1.25 is not a target anymore?

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Bamidele says

Your analysis is topnotch.
Thanks a million!

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william ntlele says

This is a normal retracement and looks like bulls are ready to dominate again as long as eur/usd closes above 1.21500 on daily time frame.

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ZULFIKAR ALI says

Thanks a lot Justin!!
Just now EurUsd has crossed 1.22 mark. So I think we can assume that bull phase has survived today.

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Stanislav Shtiliyanov says

I see the positions of brokers, the dollar has started to fall in volume since noon, the pound is the best for now, I am long AUDUSD, NZDUSD, AUDJPY, AUDCHF, GBPUSD,GBPJPY,EURUSD, NZDCHF, and short EURAUD, I am still studying your lessons, there really are what to learn thank you for!

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ali says

thanks sir justin.

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Dumisani says

Your setups are very good sir..what moving averages are you using? And do you buy or sell using them?

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Dawood Janan says

Yes & we also remember you said & close above 1.23000 would confirm next target towards 1.25000. 1.23000 breakout happened but it was a false breakout & turned bearish. i guess you would need to mention both side of the story you published

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    Caleb Gitonga says

    The 1.2300 Zone is a Bears Zone, more sellers were camping around that area. If you observe that area from January – April of 2018, there was kinda a tug of war and in May the Bears took the market ver and made a huge run. I closed my BUY position around there and haven’t traded since then as i was looking for dips.

    Reply
christian ali says

great analysis

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