Daily Price Action
Shares

EURUSD Breakout to Face Key Test at 1.1070

Shares

EURUSD buyers are on the move again this week.

The pair bounced from Tuesday’s low of 1.0991, which is one pip above the 1.0990 level I’ve pointed out several times recently.

Be sure to watch Saturday’s Forex forecast video if you aren’t familiar with the 1.0990 horizontal level.

However, EURUSD bulls are fast approaching their first key test at 1.1070.

That’s going to be a tough level to get through if you ask me.

Notice how the 1.1070 area served as support for the EURUSD between July 31 and August 28 before breaking down on August 29.

It then began serving as resistance on September 5.

The euro has yet to close back above 1.1070 following the August 29 breakdown.

Whether or not buyers can get the job done is anyone’s guess.

I don’t know what will happen here; nobody does.

What I do know is that the bullish potential for the EURUSD is alive and well as long as the pair is above 1.0990 on a daily closing basis.

That doesn’t mean the pair will move higher, but I do think this rally has more upside potential, especially if 1.1070 falls.

A daily close above 1.1070 would expose the 1.1200 handle.

It could also trigger a retest of the broader descending channel top that I pointed out on September 6 when I said EURUSD had more room to move higher than lower.

So what would negate the bullish outlook?

A daily close back below 1.0990 or perhaps the descending channel top closer to 1.0970.

But as long as 1.0970/90 is intact as support, I favor a move higher from EURUSD.

Want to watch the EURUSD video I just made for members?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in October!

Leave a Comment:

14 comments
Justin Bennett says

Get new Forex videos every week when you subscribe on YouTube.

Subscribe Today!
👇 👇 👇 👇

Don’t forget to click the bell icon 🔔 after you subscribe. That way you get notified every time I post a new Forex video.

See you on YouTube!

Reply
ali says

excellent analysis sir justin.

Reply
david says

your the real techer ever, thank you for this educations mr justin bannet

Reply
Collins says

Your analysis is always on point but it takes time to materialize. Most times we can’t hold and endure the pullback but at the end of the day it will hit the target. You are a PRO Trader.

Reply
Rich says

Once again thank you,
Justin Bennett.

Reply
Douglas says

Nice one

Reply
Akinsooto Eric says

Lucrative analysis! Good job 👍 Bennett

Reply
Lynette Broderick Brown says

Hi justin I don’t understand what is resistance and support and how to use them when placing a trade, I am a new learner on demo account.

Reply
Joey says

Wow! I’ve listened to a lot of educators and honestly no one makes Forex look so simple like you.

All i need is patience with your analysis. You’ve taken my learning to a whole new level.

Thank you so much for that sir. Cheers

Reply
    Justin Bennett says

    Thanks, Joey. That means a lot! Cheers.

    Reply
muhammad ashraf says

Great my master you are the best teacher

Reply
jEFFERY Pattinson says

Okay, We made it thru 1.1070 and headed up, see if the USD weakens, and we can head up more, what is the target for Eur/Usd

Reply
Add Your Reply