Can EURUSD bulls keep the momentum from last week, or will the downtrend take over?
Check out today’s video for EURUSD and DXY key levels and the simplest strategy for trading the markets this week.
EURUSD is kicking off the week with a green candle, an expected move given where it closed last week.
For weeks, I’ve highlighted the importance of the 1.0760-1.0780 support area.
Similarly, the DXY’s 104.50 level remains pivotal.
Now, with both markets at their respective levels, it’s no surprise to see euro bulls show up at current prices.
The real question is whether EURUSD can sustain last week’s bounce from its October 2023 trend line.
As mentioned, EURUSD needs a daily close above 1.0840 to flip that level to support and open the door to 1.0900.
Meanwhile, the DXY is range-bound this week, holding between 104.00 and 104.50.
The US dollar requires a daily close above 104.50 to confirm a bullish continuation toward 106.00.
Until then, DXY is below resistance, while EURUSD clings to key support.
Look for more range-bound movement in EURUSD between 1.0780 and 1.0840 until one of these levels breaks on the higher time frames.
