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EURUSD Back to 1.20?

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The EURUSD is coming off a long-standing trend line from the September 2020 low.

I previously thought the price action since late last year could be a head and shoulders. However, it’s starting to look like something else altogether.

A look at the swing highs and lows since last year shows what could be a symmetrical triangle.

Given that the pattern formed following a 1,700 pip rally, there’s a decent chance this is a continuation pattern.

That said, the EURUSD has a long way to go before bulls should celebrate.

First, the euro needs to climb above the 1.2000 area, which has been a key factor over the last few months. A daily close above that region should do.

Second, EURUSD needs to close a day above the top of this pattern up around 1.22. That could take a while considering it’s more than 300 pips above the current price.

If euro bulls can clear 1.2000 and 1.2200 over the coming weeks, it would open up 1.2350. The measured objective is a much more lofty price at 1.2900.

Alternatively, a daily close below that September trend line near 1.1760 would confirm the breakdown. It would also force a resumption of the bearish bias I had recently.

Key support below 1.1760 is 1.1600.

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EURUSD (daily time frame)

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16 comments
Justin Bennett says

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HIGHLANDER says

Am happy to have you back Mr Justin, I have missed your analysis for some time now, please I encourage you to continue the good job you are doing, it’s quite helpful. All good job has a reward. Am keeping my eyes on the EURUSD. Thanks and have a great weekend. Remain blessed.

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Võ công vịnh says

rất tuyệt vời

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Hany says

As usual. nothing useful. The subscribers in your community are crying coz u ran away 😆😆😆. I Advise everyone not to pay a cent to this guy.

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Ngo Sy Ha says

thanks you so much

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Peter Mackay says

Since I joined several months ago, you have not been seen or heard from until now and now you have returned and posted the same pair that you always post. Could go up could go down could go nowhere. Great job.

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    ioan949 says

    That is, the price goes up, down and nowhere. :))

    Reply
bảo nam says

cám ớn ngài rất nhiều. chúc một ngày tốt lánh

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Thembinkosi Mtshali says

Your analysis sir looks very sharp.

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Thembinkosi Mtshali says

Yes EURUSD is likely to form a symmetrical triangle.

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Chris Remoundos says

thanks you are very helpfull !!!!!

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Ngo Sy Ha says

THANKS YOU

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Davy says

Hey Justin
Euri is heading to 1.13 you are wrong with your target 1.20.
Where is you weekly forecast?

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Davy says

Hey Justin

Where is you weekly forecast?

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    Junia says

    Justine I joint you long time but you no longer send weekly analysis

    Reply
Tonderayi Acme Charlie says

Wonderful

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