EURUSD tested its December 2023 level today, but is it time to short?
Watch today’s video for key EURUSD levels to monitor and important insights on the US Dollar Index (DXY).
EURUSD is testing the key 1.1120 area I mentioned in yesterday’s analysis.
So far, sellers have defended 1.1120, which marks the top of the July channel.
It’s also the December 2023 high that EURUSD failed to hold above at the end of August.
As noted in recent videos, the inability to stay above the 1.1110-1.1140 zone turned this area into resistance, opening up the 1.1000 support.
However, with non-farm payroll on Friday, traders should anticipate increased volatility heading into the weekend.
Additionally, the DXY remains well below the 102.00-102.60 resistance zone I’ve highlighted in recent videos.
As long as that’s the case, the US dollar remains range bound.
The DXY needs to reclaim 102.60 to become significantly bullish again, with key support at 100.60 and the 101.13 level we’ve discussed recently.
