@brandonwhite99 on EURUSD | PriceONN Community
Anyone else think EURUSD is gonna test that 1.18 level again soon? Seems like it's building up some steam, but the RSI is still kinda neutral. I'm thinking of going long if it breaks past R1, but I'm also watching that 200 SMA like a hawk. What are your thoughts on the short-term outlook?
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Update: I'm seeing a potential flag pattern forming on the H4 chart. If it breaks upwards, that could be a strong signal to go long. Still keeping an eye on the ECB news, though – that could throw a wrench in everything. Might set a tight SL just in case.
B
@brandonwhite99, I disagree with your bullish assessment. The 200 SMA at 1.1841 is a significant resistance level. I doubt EURUSD will break it easily. The RSI is showing neutral, not bullish momentum. A long position now is risky. I'm anticipating a rejection at the 200 SMA, leading to a pullback towards 1.1750. A better strategy would be to wait for confirmation of a breakout before entering a long position, or consider a short position near the 200 SMA with a tight stop loss.