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EURUSD Breakout Imminent Amid Volatility Spike

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Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.

Watch the video below to see the latest on EURUSD.

And don’t forget to scroll down for more commentary and an annotated chart.

The EURUSD is getting volatile again.

After several sessions of sideways movement, the single currency is under pressure yet again.

I wrote about the 1.1060 resistance level in Sunday’s post.

One thing about volatility is that it often increases at turning points.

Funny enough, I’ve had to rewrite this entire post given the 100+ pip bounce that just occurred from the 1.0930 support level.

I also pointed out that area in Sunday’s video.

While those who sold EURUSD at 1.1060 were able to make a quick 100 pips if they were quick enough, I still dislike selling the pair for the longer term.

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Some may argue with that, and I don’t blame them.

After all, the downtrend is still very much intact.

But as I wrote on Sunday, attempting to sell a market at the bottom of a channel is always a risky endeavor.

EURUSD multi-month descending channel

That’s the same descending channel I wrote about over the weekend.

Even if EURUSD were to break below that confluence of support below 1.0900, I wouldn’t be a seller.

In my experience, downward breaks of descending levels often result in a bear trap.

I certainly don’t want to be caught up in that.

I also still stand by what I wrote on the 6th that EURUSD has more room to move higher than lower.

Look no further than the chart above.

All in all, though, euro bulls need to clear that 1.1060 to 1.1100 resistance area if they intend to push EURUSD higher.

As long as that’s intact as resistance, we will see sellers come out in force.

But if this smaller descending channel does break, we could have a double bottom on our hands which would expose the 1.1200 handle.

Want to watch a video of how I’m trading EURUSD?

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EURUSD confluence of support and daily range

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43 comments
Justin Bennett says

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Emmanuel IDOGEI says

Am watching

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T-radar says

eur/usd still continues to be a difficult pair to trade. do yo think the bullish pin-bar forming on the weekly TF would qualify as a good buying signal given today’s rapid bounce on from the 1.0920 area? off course theres still tomorow’s session to confirm its(weekly pinbar) formation.

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    Justin Bennett says

    I can’t answer that as there is still more than 24 hours left in the week.

    As for my thoughts on EURUSD, see the video above.

    Reply
William Curtis Beverly says

I like these videos. They are VERY informative.

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Morel says

Excellent analysis Mr.Justin. Thank you very much!

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    Justin Bennett says

    Thank you, and you’re welcome.

    Reply
Paul Peene says

Justin, I hope you do for now and ever videos like the EURUSD video. I like that very very much. Thanks a lot. Stop with the articles you write, and make videos…… Best regards

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    Justin Bennett says

    Hi Paul, members get these videos every day (10+ videos each week).

    Glad you enjoyed it.

    Reply
Isiyaku Ibrahim says

Our Justin, the great mentor ,thanks a lot,we are by your side all the time

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    Justin Bennett says

    You’re welcome.

    Reply
Ademola Lala says

Thanks Justin, impactful as ever. It’s increasing my level of confidence. I ‘m grateful. Thanks again.

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    Justin Bennett says

    Anytime! It’s my pleasure.

    Reply
John says

I have followed you for sometime and 95 percent of your analysis is spot on and when I religiously follow it I make money only to loose it again but my question is what are your main pairs that you trade?

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ibiloye olawale moses says

Hi Justin , pls get back to on em
ail .I need to get the chart you are talking about.I have little idea.pls

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    Justin Bennett says

    Sorry. I don’t understand what you’re asking.

    Reply
David Joseph says

Powerful analysis. Thanks so much Justin for your daily analysis of price action. Very impactful.

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    Justin Bennett says

    My pleasure, David.

    Reply
Sabelo says

Thanks for your time and help

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    Justin Bennett says

    You’re welcome.

    Reply
InMakhenekhe Frank Mongale says

Great. I am liking every moment of the analysis. Thank you so much.

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    Justin Bennett says

    That’s great to hear. Thanks for sharing.

    Reply
Collins says

Hi Justin, I like the way you analyze market. It has changed my approach to trading. Please I want you to be my mentor and also belong to ur DPA community. How do I pay with my local currency.

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Ken says

Much thanks Justin

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Banet Uganda says

Today all euro pairs are showing bullish signs

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Syed Hassan says

Thank you, Sir !

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    Justin Bennett says

    Anytime, Syed.

    Reply
Marzuin says

Thanks for this video. Its really help me to analyze the market.

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    Justin Bennett says

    You’re welcome. Many more just like it in the member’s area.

    Reply
shah says

Tq Justin

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    Justin Bennett says

    You’re welcome.

    Reply
Lynette says

I like your explanation on Eurusd.. What’s the best way to place the pairs for a profit? . I am trading nearly two months now but loosing I money… So devastated at the moment but I need to get this right only hope right now

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Muhammed Nasir says

Thanks for the wonderful analysis. You are one of the best if not the best forex guy i have ever met and if i have any wishes, its to meet you in person cos your analysis had really impacted my life positively. thanks so much

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    Justin Bennett says

    Wow, thanks Muhammed! You’re very welcome.

    Reply
Michael Okenwa says

Please sir I find it hard to understand you the way you explain your market direction please make it simple you can simply say eurusd is buying up to 108.00 or gbpusd is selling down to 0.9876 thanks

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    Justin Bennett says

    Michael, I won’t ever write “buy this” or “sell that”. This isn’t a signal service and I would much rather teach others how to trade price action than tell them when to buy or sell.

    And if I’m being 100% upfront, you shouldn’t follow someone who simply tells you when to buy or sell. That won’t benefit you in the long run.

    Reply
aditya says

hey I follow your support/resistance levels and trade setups closely. they are great. but there has been some change in the picture quality or something. now if I zoom your chart then I don’t see those levels clearly on my MacBook. you could check if have been doing something different lately.

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    Justin Bennett says

    Thanks for the feedback. I’ve gone back to the old way of posting charts.

    Reply
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