The euro is range-bound for now, but that might be about to change.
Watch today’s video for the key levels to watch, potential targets, and a DXY update.
EURUSD continues to bounce between its February trend line support at 1.1630 and the 1.1680 resistance area.
The trend line from February includes several touches, including the August 27th low and the September 2nd and 3rd lows.
Although 1.1680 has held firm as resistance, there is an open single print at 1.1685. The EURUSD came close to taking out this imbalance on two occasions, but never quite managed to do so.
I can’t rule out a sweep of the 1.1680 highs to target the 1.1685 imbalance while EURUSD is above 1.1630. If we get it, the 1.1685 region is likely to attract sellers.
If EURUSD breaks 1.1630 support on the high time frames, then a return to 1.1685 would be less likely.
Below 1.1630 is the 1.1580 support level. Below that is the poor low (unfinished auction) from August 5th at 1.1564. There is also a single print at 1.1439 from early August, but let’s not get ahead of ourselves.
For now, EURUSD remains range-bound between 1.1630 support and 1.1680 resistance. However, a break from the range is likely sooner rather than later, given this week’s price action.
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