Today I’m going to show you exactly how I’m trading EURUSD this week.
Check out the EURUSD video below and scroll down for the annotated charts and analysis.
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EURUSD is breaking above the 1.0930-1.0970 resistance area this week, showing that it may want to test the 1.1100 level.
However, I’m not convinced.
As explained in Saturday’s Weekly Forex Forecast video, the pair is still battling the 1.0930 monthly level.
Furthermore, the US Dollar Index (DXY) is hanging onto the 102.00 key support area.
It’s also holding above what could be a massive multi-year trend line from 2021.
Watch the video above for the details.
Whether the DXY can hold this area and reverse the short-term downtrend is unclear.
But this certainly isn’t where you want to get bearish on the dollar.
So instead of looking to long EURUSD at support, I’m watching for a sustained break back below the 1.0930 region to go short.
If the EURUSD confirms the short setup, I’ll eye targets like 1.0830 and 1.0660.
I’m not interested in longing the euro right now, considering the sizeable April-May supply zone between 1.0930 and 1.1100.
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