@spectrax540 on EURUSD | PriceONN Community
S
So, the weekly close for EURUSD looks pretty solid actually. We held that 1.17 support like a champ, and RSI is still looking good. If the Fed doesn't get too hawkish next week and this dollar weakness continues, I reckon we could see a push towards 1.18 again. Gotta watch for that gap open though!
Replies
Hey @spectrax540, appreciate the analysis. I agree the 1.17 level is key, and holding it is a positive sign, especially given the current market volatility with oil prices jumping and that BoJ news. However, I'm a bit more cautious about projecting a move to 1.18 just yet. The 50-day SMA is sitting right around 1.17168, acting as immediate resistance, and the overall trend is still pretty neutral with the RSI hovering at 50. We've also got the R1 pivot at 1.17141 very close by. Any significant hawkish shift from the Fed next week could easily reverse this short-term strength. I'll be looking for a clear break and hold above the 50 SMA and pivot resistance before considering any longs targeting higher levels. For now, it's a tight range to manage.
G
@spectrax540 I see your point about holding 1.17, but 'solid' feels a bit generous for this sideways chop. It's more like a stubborn mule refusing to move. The dollar weakness you mentioned is there, but it's not translating into any real momentum here. I'm more worried about them engineering a move overnight to catch anyone who dares leave a position open.