EURUSD Targets 1.1800 Following Breakout

by Justin Bennett  · 

January 10, 2019

by Justin Bennett  · 

January 10, 2019

by Justin Bennett  · 

January 10, 2019

EURUSD has played out well for us so far this week.

Back on December 24th, I wrote about the potential for a rally in 2019. However, the idea required a daily close above wedge resistance near 1.1450.

The “daily close” refers to the New York 5 pm EST close in Forex.

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It wasn’t until January 7th that euro bulls cleared wedge resistance. Then came the retest of the level as new support on the 8th.

I was already long the EURUSD at 1.1360 from January 4th. But the retest on the 8th allowed me to add to my position at 1.1425.

I announced both entries in the member’s area.

You may have noticed that yesterday’s session cleared 1.1530. This is a level I’ve had my eye on for several months.

It isn’t a perfect level (they rarely are), but you can see how 1.1530 has directed price action since May of last year.

It’s too early to tell if buyers will respect yesterday’s close above it. But there’s little doubt that buyers are back in control at the moment.

Even if EURUSD doesn’t hold above 1.1530, there is now massive support in the 1.1450/70 region.

As such, any pullback into this area could present an opportunity to get long.

Now to discuss targets…

The 1,000 pip falling wedge that began in April 2018 suggests a long-term move to the 1.2400 area.

That may seem unrealistic to some, but I assure you it isn’t. Look no further than the run-up that began in early 2017.

A shorter term target is 1.1800.

The area served as key resistance between May and September of last year. It’s also the 50% retracement of the falling wedge (April – November 2018).

I also think 1.1620 and 1.1730 could prove significant on the way up.

But all in all, I’m bullish EURUSD and will continue to be a buyer as long as the pair holds above 1.1470.

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EURUSD daily time frame showing breakout

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  1. Where is the guy that was doubting this breakout and dxy breakdown last time. You see how many pips dxy has gone since the break down. Dxy and EurUSd had similar pattern but opposite direction. Eu is just starting while dxy has along way to go too.

    1. Correct. I commented several times in the member’s area at the end of December about the DXY breakdown. It confirmed the break on December 28th, a full week before EURUSD broke to the upside.

  2. I will have lived to sign on your course to get more knowledge and grow in forex from you, but I don’t have extra money to pay now. Maybe later. Thanks. You are doing good work

  3. HiJustin I never get the info when the right time to enter. I do not get alert from members area. Do I need to login the member area all the time. Waiting for reply thanks

  4. Hi Justin i am saving up dollars to register the forum soon. Your analysis pinpoints the present condition, opportunities to enter and cash out profits from the targets set. Are you the Nostradamus of Daily Price Action???? LOL

  5. Not much of a commentor but I am compelled. I am riding with you Sir on this one. As soon as I have the money I will join your course. 1.2400 area does seem unreal, so for now I am aiming for the shorter term 1.1800. Thank you Sir for your brilliant analysis.

  6. You are phenomenal. Your analysis are always spot on. It has helped me to fine tune my own bias. God bless you, Justin.

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