Today I’m going to show you why my target for the EURUSD remains 1.0730.
We’ll discuss key levels to watch, and how I’m trading the euro over the next few weeks.
I’ll also share the latest on the US Dollar Index (DXY), so you can make more informed decisions when trading pairs like EURUSD.
Watch the video below and scroll down for the annotated charts and analysis.
Despite the choppy price action earlier this month, EURUSD has been an excellent pair to trade.
It has also played out as anticipated following the July fakeout.
If you’ve watched my EURUSD videos over the last month, you know I’ve been relatively bearish on the euro.
That’s primarily because the EURUSD retested a multi-decade trend line resistance earlier this year.
I’ve discussed that trend line and the potential implications several times.
The fakeout above channel resistance in July was another warning shot from euro bears.
Since then, we’ve seen the EURUSD break the September 2022 trend line.
The market is once again testing the 1.0845 support level today.
We saw the EURUSD bounce from this level perfectly on Friday, and also test the 1.0930 lows as resistance earlier today.
While we may continue to see euro bulls step in here at 1.0845, I maintain that the euro is heading for 1.0730 in the near term.
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