EURUSD: How November 1st Ties Into the Next Big Opportunity

·    April 16, 2024

·      April 16, 2024

·    April 16, 2024

EURUSD tried to break higher today, but bulls are starting to retreat with more downside in focus for the euro.

In today’s video, I discuss how the November 1st candle on EURUSD and the US Dollar Index (DXY) could impact the next big move.

See how I’m trading the EURUSD in the video below!

EURUSD is holding below the 1.0635 to 1.0670 resistance area I discussed in last weekend’s forecast video.

Monday’s close flipped the region to new resistance, which is attracting sellers on Tuesday.

The next big move for EURUSD hinges on this area.

As long as the pair is below it on a daily closing basis, I favor euro shorts toward the November 1st lower wick near 1.0550.

That could align with the DXY closing the November 1st gap at 106.88.

From there, we probably see a pullback from the US dollar and a bounce from EURUSD, followed by ranging price action.

Some consolidation following the recent EURUSD landslide is likely, but maybe not until we get a retest of the 1.0550 region.

Alternatively, a sustained break above 1.0670 on the daily time frame would be bullish toward 1.0730.

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