EURUSD Future Direction Hinges on 1.0780

·    October 22, 2024

·      October 22, 2024

·    October 22, 2024


The EURUSD is fast approaching its “moment of truth” on the chart at 1.0780.

Will the euro bounce from this level or continue lower?

Get all the details in today’s video, including key scenarios to watch and the latest on the US Dollar Index (DXY).

The EURUSD is nearing our final target of 1.0780, a level I highlighted after the close below 1.1110.

This area is a confluence of support, marked by the August low and the ascending trend line from last October.

At the same time, the DXY is approaching the 104.00 to 104.50 resistance area I mentioned recently.

With EURUSD nearing 1.0780 and the DXY nearing resistance, a potential USD pullback could be on the horizon.

That said, shorting the US dollar remains risky due to the aggressive dollar rally this month.

Shorting without confirmation from price action isn’t advisable, and the same goes for longing EURUSD without valid signals.

While a bounce from the 1.0780 region is possible, a break below it could indicate further weakness, targeting the 1.0670 lows.

For EURUSD, key resistance sits at 1.0840, with an imbalance above 1.0880 that could be targeted if bulls defend the 1.0760 to 1.0780 support area.

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EURUSD Future Direction Hinges on 1.0780 2

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