Forex Trading

EURUSD Key Levels To Watch For The Next Breakout

The EURUSD is coiling for what could be an explosive next move.

So, in today’s video, I discuss what traders should watch on the 4-hour time frame, including key levels and potential targets.

I also share the latest on the US Dollar Index (DXY).

Let’s get started!

The EURUSD remains indecisive to start the week, but the price action suggests the pair is coiling for its next big move.

Although I don’t trade intraday patterns or breakouts as I focus more on failed breaks, the euro’s price action could offer an opportunity for traders this week.

The short-term ascending and descending 4-hour levels below are the ones to watch right now.

We saw the EURUSD test diagonal resistance on Friday, and the pair tested support today.

So far, we don’t have a confirmed breakout, so trading the pair remains unfavorable.

But a sustained break above resistance near 1.0670 would expose 1.0730 resistance.

On the other hand, a sustained break below 1.0630 would open up the November 1st lower wick near 1.0550.

That could coincide with the DXY closing the November 1st gap at 106.88.

But ultimately, it will depend on which way the EURUSD breaks first, especially as it relates to the 4-hour and daily time frames.

Remember that any breakout can fail, which is a signal in and of itself.

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EURUSD Key Levels to Watch for the Next Breakout 2

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