Daily Price Action
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EURUSD Trades Sideways Below Key Resistance

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The EURUSD has had a heck of a run since last July.

That’s when I was buying the euro as it broke free from consolidation.

However, things calmed down quite a bit between August and November.

That’s when the EURUSD was ranging between 1.1615 support and the 1.2000 resistance area.

But even though the bullish momentum slowed, things still looked increasingly bullish for the euro.

Here’s why:

EURUSD monthly symmetrical triangle
EURUSD monthly time frame

I’ve discussed this twenty-year symmetrical triangle several times in recent months.

The uptrend is intact as long as the pair is carving higher highs and higher lows following the multi-year breakout above.

I’m still long the EURUSD from November 27th, a position that’s up 360 pips as of this post.

I also mentioned that entry on the Daily Price Action membership site.

All that said, EURUSD bulls aren’t out of the woods yet.

As noted in Saturday’s forex forecast, buyers have to get above 1.2300 on a daily closing basis to open the door to higher prices.

Remember that I use five-day charts provided by Blueberry Markets.

That means each daily candle opens and closes at 5 pm EST.

A daily and weekly close above the 1.2300 area would expose my 1.25 target for EURUSD, which I’ve discussed since October.

Alternatively, a rotation lower would likely find support at 1.2150.

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EURUSD daily chart with key support and resistance levels
EURUSD daily time frame

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8 comments
Justin Bennett says

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Karisa Kimera says

Thank you Mr Justin. Very helpful

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    Justin Bennett says

    You’re welcome.

    Reply
umar says

thank you sir, very helpful…..though i blew my account already

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    Justin Bennett says

    You’re welcome.

    Reply
ali says

thanks for the update justin.

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yousef says

great

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