EURUSD Bears Follow Through on 1.1000 Fakeout

by Justin Bennett  · 

January 16, 2024

by Justin Bennett  · 

January 16, 2024

by Justin Bennett  · 

January 16, 2024

EURUSD is following through on the fakeout at 1.1000 that materialized at the start of 2024.

Today’s video discusses where the euro will likely go from here, including key levels to watch and targets.

I’ll also share the latest on the US Dollar Index (DXY) as it surges above 102.60.

Watch the video below and scroll down for the annotated charts and analysis.

EURUSD is selling off aggressively today as the dollar rips higher.

We’re seeing the DXY surge above 102.60, which agrees with my bullish bias on the dollar since the start of 2024.

Those who have followed along this year will know I’ve been cautiously bearish on the EURUSD since the confirmed fakeout at 1.1000.

Fakeouts like that often trigger moves in the opposite direction.

The price action from EURUSD so far is supporting that notion incredibly well.

From here, a sustained break below 1.0880 opens up the 1.0755 low.

Given its significance since last September, I expect some decent buying around 1.0755 if tested in the coming days.

That will be a critical moment for the euro, and the dollar as EURUSD 1.0755 and DXY 104.20 are pivotal in terms of the structure since last October.

I remain bullish on the dollar while the DXY is above 101.90 and potentially 102.60 following this week’s price action.

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