Hello Traders, welcome back to another market breakdown.
EURUSD is showing strong bearish momentum after the dollar index DXY broke above the 2 years range. However, the price is oversold for now. Hence, instead of jumping in at current levels, I recommend waiting for a pullback into the middle of the range zone for a more strategic entry.
If the pullback holds and sell off confirms, the next leg higher could target:
First Resistance: Immediate levels formed during prior consolidation. Second resistance: Yearly lows.
Stay disciplined, wait for the market to come to you, and trade with confidence!