EURUSD: Short Trade of the Year?

·    August 10, 2023

·      August 10, 2023

·    August 10, 2023

Today I’m going to show you how the EURUSD could set up for one of the best trades of the year.

We’ll talk key levels and potential targets for the euro.

I’ll also share the latest on the US Dollar Index (DXY), including an area that, if broken, could send the dollar much higher in 2023.

Watch the video below and scroll down for the annotated charts and analysis.

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EURUSD broke out from a short-term descending trend line today ahead of US Consumer Price Index (CPI) figures.

However, the euro encountered significant resistance at 1.1040.

The price action since late July is just a warm-up for what’s to come, in my opinion.

The much bigger opportunity when viewing the EURUSD higher time frames will materialize below the September 2022 trend line, if we get it.

One reason I’ve been cautiously bearish the euro is the multi-decade trend line I’ve discussed at length on this site.

We saw EURUSD get rejected from that trend line in July, which comes in near 1.1100.

Whether we see that tested again this month is yet to be seen, but I’m looking to short euro strength into resistance for now.

Any entry I take will be relatively small, though, with the EURUSD trading above the 1.0950 trend line support.

You also have to consider that the US Dollar Index (DXY) is still trading below the 103.00 confluence of resistance.

So until the dollar can break above that 103.00 area, it’s range bound between 102.00 and 103.00.

Speaking of 102.00, I mentioned the 101.92 support to members this week, and so far that level is holding today.

In summary, I’m cautiously bearish on EURUSD and want to look for shorts on moves into resistance or below the 2022 trend line, but the current price action makes trading the euro less than favorable.

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EURUSD: Short Trade of the Year? 2

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