EURUSD: What to Watch Following Friday’s NFP

·    May 3, 2024

·      May 3, 2024

·    May 3, 2024

The EURUSD has been sideways for weeks, but today’s video will shed light on the key levels to watch for the next big move.

I will also share the latest on the US Dollar Index (DXY), including what we could see next from the dollar.

Let’s get to it!

The EURUSD is back to sending mixed signals this week, something we saw a lot of last week.

On the one hand, the pair is holding below the 1.0730 resistance area, so longs seem unfavorable.

And on the other, the euro is above its November 2022 trend line, so the risk-to-reward on shorts is far from ideal.

If that wasn’t enough to leave traders confused, the DXY is also mostly sideways and has been since mid-April.

However, the US dollar remains above that key 105.00 handle, a literal line in the sand between bulls and bears.

We also still have the open DXY gap from November 1st at 106.88.

Open gaps like that tend to serve as magnets for price, especially the closer a market gets to the open gap.

While I’m staying sidelined for now, I continue to favor a weaker EURUSD, as I have since the start of the year.

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