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EURUSD: Two Levels to Watch Next Week

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The EURUSD tagged the 1.2525 resistance handle for the second time ahead of Friday’s non-farm payrolls. It’s a level I mentioned on January 24 as the single currency was in the process of breaking above the 2008 crisis low at 1.2325.

Although the pair recovered from session lows on Friday, the 1.2525 resistance area is still holding. To the downside, we have the 2008 crisis low at 1.2325 which is now acting as support.

These two areas give us a 200 pip range to keep an eye on next week. Moreover, a daily close above 1.2525 or below 1.2325 would produce a range break opportunity.

A close above 1.2525 would target the next key resistance area at 1.2670. Alternatively, a daily close below 1.2325 would have us watching for a move lower toward the 1.2160 area.

If the uptrend since the start of 2017 is any indication, we should see buyers extend this rally over the next few weeks. At the time of this writing, I have no reason to believe that U.S. dollar weakness will subside over the longer term. But as always, I’ll let the market do the talking.

Keep in mind too that the single currency is trading above the weekly mean (10 and 20 EMAs) by about 400 pips. With this in mind, I wouldn’t be surprised to see some consolidation before the next leg higher can materialize.

I’ll cover the EURUSD again on Sunday before the market opens along with four other currency pairs. Until then, enjoy your time off.

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EURUSD support and resistance on the daily chart

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15 comments
AH Mahmood says

above 1.2525 or below 1.2325 okkkkk

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Thebe says

Thanks again Justin, we really do appreciate the time you put inn.

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Erwan says

Profitable analysis..thanks alot teacher

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Maniv says

Thank you sir

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Saravanan Arunajalam says

Greetings Justin…. Thanks for your information… I will use as a guide line. It’s really very helpful… Once again thanks… Cheers

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reevilla says

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Abdul Raheem Shuaib Agbarere says

Thanks, so much!

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Sumantra kumar halder says

Thanks

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shamsuddeen says

this is very good sir

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nazmun nahar popi says

sir can u tell me usdcad please?

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Alex says

Thanks Justin you are big help.

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Austin says

Your analysis is great and awesomely helpful.
Thanks for your time, Justin.

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    bert says

    Thanks justin,it help me a lot for my daily trading sep up.

    Reply
Isaiah says

Sir thanks for your apt analysis .please am new on this platform and also a beginner in forex. I want to know the time chart you use for your analysis. Because am used to 1hour trade chart.

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santosh says

usd jpy trand bay /sell leval range

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