Daily Price Action
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EURUSD Teeters on Must-Hold Support at 1.1650

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Important: I use New York close charts so that each 24-hour period closes at 5 pm EST.

Click here to get access to the same charts I use.

The EURUSD is at risk of dropping back below an area I mentioned two days ago. 1.1650/60 is the intersection of wedge support and resistance that began forming in late June.

I traded the break of this pattern earlier this month when the pair sold off from the 1.1620 resistance area. I also took profit at the 1.1300 support level which is one that will likely continue to play a role moving forward.

Yesterday’s session bounced right where we would have expected it to. After putting in a low of 1.1652, the EURUSD rebounded 50 pips higher during the U.S. session and into the 5 pm EST close.

However, today’s session has placed the single currency in a precarious spot. The pair is once again retesting the 1.1650/60 area and is also carving a bearish engulfing range on the daily time frame.

With more than five hours to go in today’s session, anything can happen. That said, buyers have their work cut out for them if they intend to convert today’s relatively bearish candle into something more constructive.

If they can’t and fail to hold on to 1.1650 by 5 pm EST, it could turn the pair lower as we head into the weekend. A close below 1.1650 would expose 1.1620 followed by the 1.1500/30 region.

I’ve exited my long position near breakeven and am awaiting further instruction from the market. I doubt I will trade again this week given that tomorrow is Friday and I don’t want to enter a new position so close to the weekend.

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EURUSD daily time frame

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18 comments
Meraj says

great

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Omooronafx says

Well analysed Sir… Will wait for further analysis to know the position to take thanks

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    Justin Bennett says

    You’re welcome.

    Reply
Dzunisani says

Mr Justin we thank you so much

Any chance you have a Signal group or where you hold live webinars like using the Zoom app

Signal group will help I don’t mind paying for such great mentorship

Reply
Jose Callejas says

This is great information… I will follow you use your advice to do my trades. Am a newbie and this information it’s explained just like I can understand. I have registered for your webenar.. thank you Justin

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    Justin Bennett says

    You’re welcome, Jose. Glad you’re finding the content easy to understand.

    Reply
Sek says

Thank you so much Justin. Your work is appreciated.

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Utazi Chukwudi says

Great one . Thanks a lot Boss.

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jawwad says

its just testing 23.6 fibo level on daily timeframe perhaps

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Zakhriddin says

Price is testing trendline meanwhile forming bullish flag which could be observed on 4hr chart.

In addition,Justin,what is your opinion on GBP/CAD ? It looks like bearish trend delayed (at least) for an uncertain amount of time after forming double bottom.

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Jenerali says

there’s also a descending channel, clearly seen at H4 and lower timeframes. The 1.1650 level also is the exact level touched by the descending support

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nadzuah says

great

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david says

What do you think about the pot ETF/Stocks now? Looking at Canada bases company’s

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Lee says

Thanks for sharing and you are such a generous guy. Thank you very much

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Lin says

Hi Justin, thank you very much!
I learn a lot from your posts and trying to decipher price actions. Do you look at weekly/monthly price action as well? I can see a long wick of monthly candle stick. Perhaps there is a strong support/demand below 1.15. But given there is still some time for the monthly candle to close, anything can happen.

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Rlee says

Appreciated for your analysis sir. May i ask what will you do when weekly chart against the monthly chart? just like the case happening on EUR/USD…i am holding a short position and struggling should i close it.
Thanks again for your info.!

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Ogwa says

Very helpful !Thank you

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