@shwetarao77 on EURUSD | PriceONN Community
Hi everyone! I'm pretty new to forex trading and trying to wrap my head around support and resistance levels. Looking at EURUSD right now, it's above the 20 and 50 SMAs, but still under the 200 SMA. Does that mean the 200 is acting as a major resistance? I'm wondering if I should wait for a breakout above it before considering a long position. Any thoughts?
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Update: I'm looking at the RSI(14) and it's around 65. That's getting close to overbought territory, right? So maybe even if it breaks above the 200 SMA, it might not be a sustainable move. I'm thinking a small position might be ok if it breaks 1.1840 but with a tight SL. Still learning how to read these indicators properly. Thnk I need more practice.