EURUSD Price Action Remains Predictable

by Justin Bennett  · 

November 15, 2019

by Justin Bennett  · 

November 15, 2019

by Justin Bennett  · 

November 15, 2019

This week’s bounce from the EURUSD is no surprise.

We’ve been discussing the significance of the support area between 1.0990 and 1.1020 since November 5.

In that post, I also pointed out the short-term ascending channel that extends from the year-to-date low.

The EURUSD was likely to move into this 1.0990 to 1.1020 area following the November 6 close below 1.1070, which we also discussed.

Notice that Thursday’s low was 1.0989, just one pip below the 1.0990 support level I was interested in per my post from two days ago.

That 1.0990 handle is also where the EURUSD bounced following the bullish breakout in October.

Thursday’s 38 pip bounce also carved a buy signal.

Note how Thursday’s range engulfed Wednesday’s, making it a bullish engulfing candle.

I was able to get long here at 1.1000, which I also announced within the Daily Price Action membership site.

So far, so good from the EURUSD.

However, keep in mind that the next key resistance at 1.1070 isn’t far away.

There’s no doubt we’ll see sellers try to defend this area next week, so attempting to buy the EURUSD now may be ill-advised.

But as long as the pair holds above this week’s low going forward, I do favor buying weakness for a move higher.

A daily close above 1.1070 would expose the 1.1170/80 highs.

The “daily close” refers to the New York 5 pm EST close. These charts provide five 24-hour sessions each week and are essential for trading price action the way I do.

Go here to get access to the same Forex charts I use.

– Justin Bennett

I still maintain the idea that the euro could be on the move for a retest of the 2018 descending channel top just above 1.1200.

We’ve studied this channel several times since September.

It’s what caused me to turn bullish on the EURUSD in late September when the pair was testing the 1.0900 region.

That would equal a 200 pip rally from today’s price.

Alternatively, another run at 1.0990 support next week would be a sign of weakness.

That said, it’s going to take a daily close below ascending channel support to negate the short-term bullish potential, in my opinion.

Want to watch the EURUSD video I just released in the member’s area?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in November!

EURUSD key support and resistance levels

Continue Learning


Leave a Reply

Your email address will not be published. Required fields are marked *

  1. Now You Can Get Access to the Same Professional Forex Charts I Use!

    Get Access Now to start using correct five-day charts.

    These charts give you five 24-hour sessions each week and are the same ones I use to trade the Forex market. Other non-professional charts that provide six-day weeks can produce false signals.

    Download the Platform Today and get my 6-step swing trading cheat sheet as a free bonus.

  2. I’ve been following up with your analysis sir for over a year now, i’ve never been disappointed i’ve been profitable with all your analysis. Sir your analysis are extremely good and i’ve learnt alot from them.
    So thank you sir, you’ve been helping me for a long time now being profitable from the market.
    The analysis are highly appreciated thank you alot sir. Thank you.
    I wish i had enough funds to subscribe/pay for your education program.
    Realy sir thank you very much.
    Your the best.

  3. Twice now EUR/USD has ecsaped my grasp, i was waiting for 50% retracement after that bullish engulfing bar but it wasn’t the case

  4. I really dislike sites like this that just want sign ups from newbies. If you guys were successful traders you would give somethng back to the trading communities by providing your insights for free on a trading forum. Instead you prey on new traders. Shameful

    1. They’re so many lesson you can get for free in this site, why complain? If those lessons don’t work out for you then just find another method on another site until you found the one that works for you. Simple as that

      1. Suim you intentionally miss the point. I don’t need this site nor any site doing analysis for me because I have learned to “trade”. This site is set up for payment. Every successful trader can put up their analysis in a forum and set up a payment site like this to get desperate would be traders to sign up . On forex forum this sort of analysis is offered by successful traders to help the community often with a trading system that is being traded successfully. This site, just as many like it just prey on desperate newcomers to sign up. If the site owner was a successful trader he/she wouldn’t need to beg for money from sign ups. It is sad to see these types of site are still allowed to fleece unknowing newcomers.

        1. Maybe i did miss ur point, but I just i want you to know that i gained so much from free content in this site and starting to get small profit at consistent basis. That’s huge for me consider I had blown 3000 of 10000 dollars account before i found DPA. I’m not even a member from his forum. Those free articles, free setup, free YouTube video setup are more than i can ask.

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}