EURUSD has reached my first target, so what’s the next likely move for the euro?
Watch today’s video to find out and get the latest update on the US Dollar Index (DXY).
EURUSD is down 130 pips from the short opportunity I mentioned last week ahead of non-farm payroll.
The pair is now testing key support at 1.1000.
Not only is this a psychological level, but it also acted as resistance in late 2023 and again this past August.
We also know that the DXY is below its 102.00 to 102.60 resistance area, as discussed in recent videos.
As with most things in trading, it’s all about timing.
The time to short EURUSD was during the 1.1120/40 retest we talked about last week.
Similarly, this 1.1000 support area is likely a good time to take some profit.
This isn’t financial advice, just how I see the EURUSD chart at the moment.
If the euro breaks below 1.1000 convincingly, it could target the next key support at 1.0950.
However, to reiterate, the DXY and its 102.00 to 102.60 resistance remain a significant hurdle for US dollar bulls.
Overall, I remain bearish on both the euro and pound.
Check out Tuesday’s video to see why I was, and still am, bearish on GBPUSD.
