Will EURUSD break below 1.0777 support, or is the local bottom in?
Get the answers in today’s video, including my thoughts on where the US dollar could top out in the coming weeks.
EURUSD is pulling back this week after a strong rally earlier in March.
The move lower started near the 1.0900 resistance area that I’ve mentioned recently.
Now, the euro is approaching key support at 1.0777.
This level goes back to August 2024 and recently acted as support on March 6th.
Although 1.0777 is support, I still think we could see lower from EURUSD based on what the DXY is doing around 105.00.
That 105.00 area marks the October 2023 trend line, which the US dollar index broke below not long ago.
A full retest of 105.00 would make me more confident that a local top is in for the dollar.
Until that happens, pairs like EURUSD could stay under pressure—but only if sellers break 1.0777 support.
