EURUSD Early-Week Pullback and a DXY Hourly Trend Line

by Justin Bennett  · 

July 17, 2023

by Justin Bennett  · 

July 17, 2023

by Justin Bennett  · 

July 17, 2023

Today I’m going to show you exactly how I’m trading EURUSD.

The EURUSD confirmed a significant breakout last week, but the US Dollar Index (DXY) hourly trend line could offer some early-week relief for the USD.

I discuss all of that in today’s video, including key support and resistance levels and targets for the week ahead.

Check out the EURUSD video below and scroll down for the annotated charts and analysis.

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EURUSD closed last week above a significant area at 1.1180.

That’s the former range lows from late 2021 and 2022 and the top of an ascending channel from the February high.

As long as the EURUSD is above 1.1180 and the DXY is below 101.00, I favor euro longs.

However, the DXY hourly trend line I shared in today’s video could trigger some early-week relief for the US dollar.

If so, I’ll watch for a pullback into the 1.1180 area, followed by bullish price action.

There’s no guarantee we will get a pullback from EURUSD, but longing the pair without a retracement is risky.

Key resistance for EURUSD comes in at the 1.1320 mid-range from 2021 and 2022, followed by the 1.1480 range highs.

Remember to acknowledge the bearish scenario, just in case.

A sustained break below 1.1180 and 1.1115 would open up lower levels, including the April highs and potentially the 1.0920 trend line.

But I favor buying EURUSD on pullbacks as long as the DXY remains below 101.00.

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  1. I can’t believe I nearly canceled my subscription in the first week. Excellent correlation between DXY and EUR.

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