Daily Price Action

EURUSD Target Remains 1.25


Two days ago, we reviewed a potential EURUSD breakout.

The euro had been pressuring the 1.2150/70 resistance area since December 3rd and looked ready to break free at any time.

In fact, the EURUSD was trading above 1.2170 when I wrote Wednesday’s article.

But if you read that post, you know we were waiting for the 5 pm EST close to confirm the breakout.

Remember that I use New York close charts provided by Blueberry Markets so that each daily candle opens and closes at 5 pm EST.

As soon as EURUSD closed above 1.2170 on Wednesday, bulls were off to the races.

So what’s next for the euro?

If we get a pullback, I would like to see the area between 1.2150 and 1.2170 hold as new support.

Given the bullish momentum of late, I’m not sure we get a meaningful pullback until the EURUSD reaches the 1.2330 resistance area.

That’s a key level I’ve discussed for weeks.

I’m still long the EURUSD from November 27th, an entry I announced on the Daily Price Action membership site.

I’ve since added to that position twice since the euro broke above 1.2070 on December 2nd.

My target for EURUSD remains 1.2500, as I’ve discussed since October 21st.

As for where the pair goes next week, keep an eye on today’s session.

If it forms an inside candle, it could offer an opportunity to get long the EURUSD next week.

But only if euro bulls can take out Thursday’s high at 1.2272.

Last but not least, although my target is 1.2500, I think the euro can move even higher against the USD in 2021.

Disclosure: I hold a EURUSD long position, which I’ll add to again at some point during this pullback.

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EURUSD uptrend on the daily chart
EURUSD daily time frame

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Justin Bennett says

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THANKS MASTER, i can see inside bar formation however the day its not over. i like consolidation coz i just set BUY sto order on mother bar. EurYen follow suit, good holiday with your family

    Justin Bennett says

    You’re welcome. Enjoy the holidays.

ali says

sir you are one the BEST.

    Justin Bennett says

    Thanks, Ali. I appreciate the support.

Priscillia says

Does that mean the lower the support the higher the resistance?

Thayyib pullat says

Thank you justin for sharing your knowledge

    Justin Bennett says

    You’re welcome.

Dr Eliakim Mizrahi says

sounds good

Subhranta Kumar Das says

Sir very thankful to you. Your anslytical skill and predictions are superb. By applying your idea I have turned my trading account 5 times within two month. I am a very small trader just 100 usd invested. Again very very thank you and wishes hsppy Christmas and New year.

    Justin Bennett says

    That’s great to hear! You’re very welcome.

Susan Ndungu says

Thanks for the information happy holidays

    Justin Bennett says

    You’re welcome. Happy holidays.

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