EURUSD Tests Support Turned Resistance at 1.1670

by Justin Bennett  · 

November 2, 2017

by Justin Bennett  · 

November 2, 2017

by Justin Bennett  · 

November 2, 2017

The EURUSD is in the process of testing former support at 1.1670 as new resistance. It took the single currency five days to do so following the October 26 close below the 1.1670 handle.

Today’s retest puts sellers in the hot seat. As long as they maintain sub 1.1670 prices into today’s close at 5 pm EST, the bearish outlook we’ve been discussing will remain in play.

However, if the EURUSD closes the day above the level, all bets are off for a move lower. It would also negate the head and shoulders pattern that has been developing over the past three months.

It’s moments like this when the daily charts become essential. Anything that happens before 5 pm EST is inconsequential as far as I’m concerned. That’s especially true given this week’s parade of high-impact news.

As long as 1.1670 holds as resistance on a daily closing basis, I will keep my target of 1.1300. Keep in mind, however, that I do anticipate an influx of buying pressure at 1.1490 if tested over the coming sessions.

Friday’s non-farm payroll at 8:30 am EST should also factor into your decision making process. I’m going to hold my short position through the event, but I also have a 190 pip buffer at the time of this writing.

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EURUSD new resistance level on the daily time frame

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  1. Honestly you are a genius, ever since have been following your tips it has really improved my trading, i don’t longer trade like a blind man. thanks for the good and selfless service.

  2. Good night from México. All your post are great, i’m learning a lot & have good profits beacuse your advices, thanks very much. I appreciate a lot that in this post you say what’s the direction of your trade. I’m in a short position since 1.16564, waiting for the retest. Well, good night waiting the profit

  3. Hi there been paying great attention on this pair as well,with the formation of the head & shoulders and the close below the neckline with its pulled back too,i have my seat belt fastened for the short that seems to be in play soon “HOPEFULLY” keeping in mind what you mentions a close above 1.16700 level to change the plan,love you updates.

  4. Justin,I am a beginner. This is my first trade. It is now a good selling opportunity in EUR USD. I think there is a bearish pinbar forming in the resistance. Wait 4 ur advice

  5. Have been following your comments on E/$. Could you please explain your reasons for shorting @1.1875. Did you have a pending sell order sitting there at close of daily candle 11/10/17. Did you add to your position after break of support and retest @ 1.1710 thx

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