Daily Price Action
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EURUSD Bulls Aren’t in Trouble Yet

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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.

Want to watch the EURUSD video I just released in the member’s area?

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EURUSD daily key levels
EURUSD daily time frame

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15 comments
Justin Bennett says

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ali says

Thanks for the update sir justin.

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    Justin Bennett says

    You’re welcome.

    Reply
Steven H says

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

Reply
    Justin Bennett says

    Probably not.

    Reply
Yussuf says

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

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MICHAEL ILORI says

Thank you sir.

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Samuel says

Thanks for the updates.very good on,thanks.

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    Justin Bennett says

    You’re welcome.

    Reply
Sayed says

Thank you sir

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Nabil says

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

Why this confusion?

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Forex boy says

Very good

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