Daily Price Action
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EURUSD Rally Set to Continue With a Break Above 1.1270

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EURUSD continues to climb higher after breaking the 1.1035 key level last week. The current rally has been quite impressive and no doubt surprising to many as the pair has now climbed more than 700 pips in four short weeks.

The 1.1270 level came under pressure once again early in the European session on Wednesday. This level can be seen acting as key support between January and February and more recently denied last Friday’s attempt at a breakout before the weekend.

The bullish contingent now seems determined to break this level after a fairly quiet start to the trading week. A daily close above 1.1270 would expose key resistance at 1.1530. This level acted as support in January and later rejected price as resistance in early February.

Summary: Wait for a daily close above 1.1270 and then watch for bullish price action on a retest of the level as new support. Key resistance comes in at 1.1530.

EURUSD key level on the daily time frame

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2 comments
Jaibhav Vajrala says

watch for bullish price action on a retest of the level as new support….. which time for retest 4 hours candle or we have wait for daily candle to retest

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    Justin Bennett says

    Hi Jaibhav,

    That’s up to you as it depends on what your trading plan says.

    Regards,

    Justin

    Reply
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