Market Open: Dollar Cracks vs FX Majors as EUR/USD Tests Breakout Zone – June 23

EUR/USD Eyes Continuation Above 0.8780

EUR/USD is the cleanest chart on the board right now, trading at 0.8778 (+0.56%) after a steady overnight grind higher. Price is now testing a near-term resistance band between 0.8780 and 0.8800 — a level that capped price twice last week.

The structure is bullish: higher lows since Friday and momentum holding through the Asian session. If we get acceptance above 0.8800 on a 15M close, there’s room toward 0.8850 next. But failure here could trigger a quick pullback into 0.8720 support.

This is breakout-or-fakeout territory. The first hour of London will likely set the tone.

• •Key level: 0.8800 breakout zone — acceptance above favors continuation longs
• •Support: 0.8720 — prior resistance turned support

USD/JPY Pullback – But Still in Bull Structure

USD/JPY dipped to 161.53 (-0.15%), easing off recent highs after failing to hold above 162.00. This comes as Fed-driven dollar strength pauses slightly, but structurally, nothing has broken yet.

The pair is still trading within a strong bullish channel on the 4H. The key question: is this just a pullback into support, or the start of a deeper unwind?

Watch 161.20–161.00 closely. That’s where buyers stepped in previously. If that holds, we could see another push toward 162.50+. A clean break below 161.00, though, opens a move toward 159.80.

• •Support zone: 161.00–161.20 — must hold for bullish continuation
• •Upside trigger: Reclaim of 162.00 opens extension higher

AUD/USD Leads Risk – Extended but Strong

AUD/USD is the strongest mover, up +1.03% to 1.4416 after a sharp impulsive move during Asia. This is a classic momentum leg — but it’s now stretched into a potential exhaustion zone.

Price is trading well above its short-term averages, and we’re approaching prior supply near 1.4450. Chasing here is risky unless we see consolidation above 1.4400.

Best case for continuation traders: a shallow pullback into 1.4350 followed by higher low formation. Otherwise, watch for a liquidity sweep above 1.4450 and reversal.

• •Immediate resistance: 1.4450 — prior supply zone
• •Pullback zone: 1.4350 — potential higher low setup

GBP/USD and DXY Crosscurrents

GBP/USD is lagging but still bid at 0.7567 (+0.25%), tracking the broader dollar softness. It’s approaching minor resistance around 0.7580, but lacks the momentum seen in EUR.

Meanwhile, USD strength remains selective. USD/CHF (+0.21%) and USD/CAD (+0.18%) are ticking higher, suggesting this isn’t a full dollar unwind — more rotation than reversal.

For traders, this means being selective. Clean trends exist, but they’re not uniform. That’s where tools like PropDynamiq help filter which pairs are actually tradable versus noisy.

• •GBP/USD resistance: 0.7580 — breakout needed for momentum
• •Divergence signal: Mixed USD pairs suggest rotation, not full trend shift

Key Takeaways

We’re opening into key technical inflection points across majors — early session reactions will define direction.

• •Watch EUR/USD at 0.8800 — breakout or rejection sets the tone
• •USD/JPY holding 161.00 keeps the bullish structure intact
• •AUD/USD is extended — wait for pullbacks or exhaustion signals before chasing