Daily Price Action

EURUSD Bulls Aren’t in Trouble Yet


EURUSD is range-bound following a 650 pip rally over the last few weeks.

That’s the headline here, not that the euro is a sell.

At least that’s my opinion.

I hear many traders talking about shorting the EURUSD because it’s overextended or that it’s a double top.

But that’s ill-advised, in my opinion.

Look no further than the monthly chart.

EURUSD wedge triangle on the monthly chart
EURUSD monthly time frame

The chart above shows a breakout above a multi-year wedge or triangle, whichever label you prefer.

As mentioned recently, the top of that structure comes in around 1.1650.

Could this be a false break from the euro?

Of course.

Anything is possible. But as of today, I have no reason to suspect that the breakout above is false.

That said, I’m staying flexible in case any red flags crop up.

Near term, support comes in at 1.1700, followed by 1.1650.

To keep things simple, you can assume that the area between 1.1600 and 1.1700 is likely to attract buyers.

As I stated in Monday’s video, it’s going to take a daily close above 1.1900 to open the door to the 1.2090 area.

Disclaimer: I hold a EURUSD long position from 1.1299.

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EURUSD daily key levels
EURUSD daily time frame

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Justin Bennett says

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ali says

Thanks for the update sir justin.

    Justin Bennett says

    You’re welcome.

Steven H says

Thanks for blog. I think the 2x top is on the D1 tf isn’t it?

    Justin Bennett says

    Probably not.

Yussuf says

Hi i would like to jion the youtube paid membership, so please i need ur advice. I have trouble to sign it


Thank you sir.

Samuel says

Thanks for the updates.very good on,thanks.

    Justin Bennett says

    You’re welcome.

Sayed says

Thank you sir

Nabil says

A month ago , you said that euro will drop to 0.83 based on …. .. now EUR will go up . ??!!

Why this confusion?

Forex boy says

Very good

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