EURUSD Rejected at 2022 Trend Line; What’s Next?

by Justin Bennett  · 

February 20, 2024

by Justin Bennett  · 

February 20, 2024

by Justin Bennett  · 

February 20, 2024

EURUSD tested a critical level from 2022 today at 1.0839, which could lead to a more substantial move in the coming days.

I’ll have the latest on that in today’s video, including key levels, targets, and a trade I put on earlier today.

Plus, the latest on the US Dollar Index (DXY).

Let’s get started!

Over the weekend, I mentioned a EURUSD trend line from the 2022 low.

The specific area I mentioned was 1.0830 to 1.0840.

The euro tested that level today with a session high of 1.0839.

However, we haven’t yet seen EURUSD indicate that a significant top is in for the pair.

So, right now, this is a mere retest of a long-running trend line.

That said, the EURUSD is still trending lower, so I have to favor shorting strength until that changes.

The same goes for the DXY, which is holding above the 103.50 to 103.80 support area.

Alternatively, a EURUSD close above this trend line would negate the bearish outlook.

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