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.
