Today I’m going to show you exactly how I’m trading the EURUSD.
I’ll share two trend lines you won’t want to miss and a potential bearish reversal that’s playing out right now.
Check out the EURUSD video below and scroll down for the annotated charts and analysis.
Want daily Forex videos? Subscribe to my YouTube channel and click the notification bell so you never miss a video!
Last week, I discussed a EURUSD short on a confirmed fakeout around 1.0930, which played out on Friday.
It produced an 85-pip drop ahead of the weekend for those who took the short.
Last Saturday and Monday I talked about how 1.0950 was key resistance for EURUSD.
We saw the euro move just above the level on Tuesday, but bears are once again defending the 1.0950-1.0970 region.
The EURUSD is also coming off the May 2021 trend line, so I continue to think a move toward 1.0820/30 is the most likely scenario.
Watch the video above to see both EURUSD trend lines.
Despite this week’s choppy price action, the euro has formed a well-defined diamond reversal pattern.
I mentioned this to Daily Price Action members as a pattern to watch yesterday, long before EURUSD broke down.
The initial target is 1.0820/30, an area that should line up with the 103.50 US Dollar Index (DXY) confluence of resistance.
That will be a significant test for dollar bulls, as a breakout there could dictate the dollar’s direction for the next few months.
Get Lifetime Access to Our Trading Group for daily analysis videos, see Justin Bennett’s trades in real-time, receive exclusive trade setups throughout the day, and access over 1,000 other forex and crypto traders.
Last chance to join our trading group and save 60%.
Anyone who joins in June will get the new trading course for free when it launches in July!
Please can you teach me price action?. I want to be like you
Sure, you can join us here: https://dailypriceaction.com/daily-price-action-membership/
Very good information, thank’s
Solid idea. Thank you for the suggestion.