EURUSD and DXY on the Edge: Key Levels to Watch This Week

Written by Justin Bennett

Trusted by 100k monthly readers

Last Updated August 28, 2024

Forex trader since 2002

Written by Justin Bennett 

Forex trader since 2002

100k monthly readers

Updated August 28, 2024


EURUSD is facing a critical test today as it hovers near the must-hold 1.1100 support level, while DXY tests key resistance at 101.13.

Watch today’s video for an in-depth analysis and stay ahead of the competition.

EURUSD bulls are being put to the test today.

As discussed in recent videos, the 1.1100 area represents a must-hold support for bulls.

We also know that DXY 101.13 is a critical resistance level that could trigger dollar strength if broken.

Although EURUSD isn’t in trouble yet, today’s price action shows the most vulnerability we’ve seen in weeks.

It’s also the first significant bounce for the USD from the December 2023 low.

However, it’s important to remember that these are intraday moves, so we don’t yet have confirmation from either EURUSD or the DXY.

If the euro loses the key 1.1100 support area, especially 1.1080 this week, we could finally see a correction in EURUSD.

As for DXY, 101.13 remains the level to watch.

It’s serving as resistance for now, but a daily close above this level would open up resistance at 101.60 and potentially 102.00 to 102.40.

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EURUSD and DXY on the Edge: Key Levels to Watch This Week 2
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Justin Bennett - founder of Daily Price Action

About the author

Justin Bennett started trading in 2002, and let's just say it was a bumpy ride. But in 2010, he had his "aha" moment once he ditched the indicators and focused 100% on price action. Justin has built a following of 100,000+ monthly readers and taught thousands of traders using his simple, no-nonsense approach. He's been highlighted as a top trader by Stocks and Commodities Magazine and regularly featured by Forex Factory next to publications from Bloomberg and CNBC. ...Read More


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