(Video) EURUSD Finally Breaking Out?

by Justin Bennett  · 

October 10, 2019

by Justin Bennett  · 

October 10, 2019

by Justin Bennett  · 

October 10, 2019


Is the EURUSD breaking out following months of consolidation?

Watch the video below to find out what I think.

Be sure to also scroll down for more commentary and an annotated chart.

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We have been waiting for the EURUSD to make a move for weeks.

The pair has been trending lower since late June, but the price action following the September 25 breakdown has been messy.

Not only that, but the consolidation of late has left me avoiding the EURUSD altogether.

However, if you’ve watched any of my recent videos, you know I haven’t been very bearish the euro.

In fact, I even wrote that the EURUSD has more room to move higher than lower back on September 6.

I even said in Saturday’s forecast video that “it’s going to take a move higher before we get that next leg lower”.

That’s because of the larger descending channel that extends from the August 2018 low.

All that said, it’s still going to take a daily close above descending channel resistance just above 1.1000.

That means a 5 pm EST close (using New York close charts) above 1.1000/5.

Without that, the EURUSD may return to recent lows until the pair can garner enough attention from buyers.

If euro bulls can close the pair above 1.1000/5 and then defend the area as new support, we could see the EURUSD push higher toward 1.1070.

That’s the next key resistance level I’ve been discussing for weeks.

A daily close above that would expose another key area we’ve had on our radar at 1.1200.

You can see how the 1.1200 region served as support between mid-June and July before flipping to resistance in the first half of August.

Alternatively, a daily close back below the 1.1000 level could keep the EURUSD suppressed a while longer.

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EURUSD daily time frame showing descending channel

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23  Comments

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  1. Assuming there is a bounce out of 1.0990, perhaps a solid 4hr pin bar, it doesn’t appear to offer a decent R&R with the 1st resistance sitting at 1.1070. Be interested in your view.

  2. Hi Justin you are doing a great job but your signal is going in opposite direction this days hope the big boys are not spamming ur post and going the other way. See EURGBP and others pairs u analysis

    1. EURGBP reversed right from the 0.9015 resistance level I pointed out yesterday. I also made a video for members explaining how this recent rally could be the correction rather than the move lower since August.

      Furthermore, anyone buying EURGBP yesterday was very late to the party. I wrote about the potential for a break higher on October 4: https://dailypriceaction.com/setups/eurgbp-breakout-first-test-0-8920/ so anyone who was long from that should have been able to lock in at least some profit along the way.

  3. Why are you not looking fundamental? Bcz like today gbp fail all level! So many time its happened. Whats the solution of this?

    1. Because I’m not a fundamental trader. The market is going to do what the market is going to do. It’s up to you to protect yourself which is exactly what I explain to members in the member-only videos I make.

  4. Hi there! Saurin I do not mean to intrude but I feel I should help you by telling you the truth; the market maker creates those levels (support and resistance) to trap retail traders. The market maker knows that you trade such common knowledge i.e trendlines, fib levels, head and shoulders, cup and handle, Elliot waves, you name them. These patterns are amongst the reasons why 95% of retail traders loose money. They are the market maker trap moves. You need to understand how the market maker trades so you can trade in line with him. THAT IS THE SOLUTION!

    1. Sorry, but I have to disagree. Technical analysis works because of human psychology/tendencies, plain and simple.

      Do market makers take advantage of this knowledge? Of course! But they don’t “create” these areas. In the world of stocks, yes, but currencies are a different animal.

      1. Hi there! Mr Bennet I am pretty sure you understand that these patterns are found in all tradable instruments; stocks, currencies, commodities, you name them. And I know you know that 95% of all retail traders loose money trading this common knowledge. All I am saying is; THE ARE PEOPLE WITH SO MUCH MONEY AND THEY USE IT TO MOVE PRICE AT THEIR OWN WILL( MARKET MAKERS OR LIQUIDITY PROVIDERS). They control price. THEY ARE MARKET MOVERS! THEY HAVE THE LARGEST MARKET SHARE. THEY EXIST IN ALL MARKETS.

        1. OHH and one more thing MR BENNET! IF YOU DO NOT BELIEVE ME I CAN EMAIL YOU MY TRADES THAT I TAKE IN LINE WITH THESE GUYS USING PURE PRICE ACTION. please! SEE MY COMMENTS ON YOUR RECENT POSTS, YOU WILL SEE I AM SPOT ON. I wrote late last month that the euroyen would make a false move in OCTOBER AND THEN HEAD HIGH, it did just that. THE DOLLARYEN JUST TURNED EXACTLY ON THE DEMAND ZONE I WROTE ABOUT LATE LAST MONTH. THE POUNDDOLAR JUST RALLIED AS I PREDICTED YESTERDAY! AND MY AUDUSD, AUDCHF , NZDUSD AND NZDCHF ARE WELL IN PROFITS! IF YOU DO NOT MIND MR BENNET I CAN EMAIL YOU MY VIEWS AND ANALYTICS ON A PRIVATE PLATFORM TO SHOW YOU WHAT I MEAN!

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