EURUSD: The (New) Trend Is Your Friend

by Justin Bennett  · 

March 27, 2024

by Justin Bennett  · 

March 27, 2024

by Justin Bennett  · 

March 27, 2024

The EURUSD has played out perfectly so far this week, but the big story for the euro continues to be the recent Euro Index (EXY) breakdown.

Today’s video discusses that breakdown in detail, and how I’m trading the EURUSD following this week’s US GDP and PCE figures.

Plus, I’ll share the latest on the US Dollar Index (DXY).

Let’s get started!

The EURUSD moved higher to start the week, which isn’t a surprise considering the aggressive selloff late last week.

Tuesday’s session reached a high of 1.0864, just one pip below the level I outlined in Saturday’s weekly forecast video.

Yesterday’s retest presented a nice opportunity to get short, with the EURUSD now lower by nearly 50 pips.

However, Thursday’s US GDP promises to bring volatility to the pair, so entering here is ill-advised, in my opinion.

The EURUSD is also closing in on the 1.0800 support area, making shorts here unfavorable.

The big story for the euro continues to be the Euro Index (EXY) breakdown I discussed on Saturday.

Last week’s close confirmed the break, opening up lower levels for the euro.

That’s potentially significant regardless of the time frame you trade as it may indicate the start of a new multi-week and even multi-month trend.

As for EURUSD, 1.0865 remains key resistance with support coming in at 1.0800.

A sustained break below that on the daily time frame exposes 1.0730 and the 1.0650 region.

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