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EURUSD: Keep an Eye on This Week’s Close

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EURUSD bulls remain in full control following the break above a bull flag on July 6th.

I wrote about that breakout at length; and announced my long position in the member’s area.

That position from 1.1299 is still open.

As I mentioned in Sunday’s forecast video, I want to see if EURUSD buyers can clear the top of a multi-year range this week.

EURUSD monthly time frame

Remember that this Friday is the July close.

If buyers can close EURUSD above 1.1670 or so, it would confirm the bullish breakout and expose 1.2500.

However, anything can happen between now and Friday’s close.

And let’s not forget that we have a Fed rate decision and statement this Wednesday at 2 pm EST.

That could either fuel the fire for bulls or extinguish the rally.

Either way, this week’s close is worth keeping an eye on.

I’ll stay in my EURUSD position so long as any pullbacks remain constructive, which is the case so far on Tuesday.

If EURUSD closes this week above 1.1670, my new target will be 1.2500.

On the other hand, if buyers give up the 1.1700 support area on a daily closing basis, I may think about booking some profit.

That said, 1.1600 is the must-hold level for euro bulls, in my opinion.

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 time frame

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12 comments
Justin Bennett says

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Jeffery Pattinson says

Like what you do !! THx Jason

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DAVID OFORI APPIAH says

hi Justin, love your great works. keep it up. wish to find out from you the fees to pay to get access to setup in your premium

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Sayef says

Thank you sir,
Would you send me a notification about fed rate decision please.

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Manuel says

Thank you…

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speculator says

Hi Justin,your analysis is helping me a lot.Thanks

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ali says

Thanks for the update sir.

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MICHAEL ILORI says

I have always trusted and followed your works. I really appreciate it. I hope to register soon. Thank you.

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Hamza says

Thanku dear

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Samuel says

Thanks for the updates.

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Olusegun Isaac says

:Re EURUSD
No more doubt,Euro bull has come into long-term bull having broken long term existing trendline.From Wave perspective we are iii of the 3 of the higher degree and this on the short- term find resistance on 144-Ema close on the monthly chart and slightly throw-back to observe wave 4 of larger degree.Again EURO bull is in force and likely to remain in force for years or
many months.Good work Justin and keep it up

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Blood of Gulo's says

You are the best sir 👍
Its help me alot.

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