The EURUSD is up this week, but is the bounce built to last, or are sellers still in control?
Watch today’s video for the latest, including an area to watch for a potential trade opportunity, and the latest on the US Dollar Index (DXY).
The US dollar continues to pull back following the retest of the October 2023 highs.
However, the DXY remains constructive following the recent breakout above the October 2023 trend line.
As for the EURUSD, resistance comes in between 1.0615 and 1.0670.
Any retest of this area could present a short opportunity for the move toward 1.0450 and potentially 1.0350.
The DXY is currently catching support at the 1.0615 high from June.
If the USD can hold above that on the higher time frames, we could get a resumption of the uptrend.
That said, a deeper pullback toward 105.40 can’t be ruled out while below 107.00.
