@SandeepSharma on EURUSD | PriceONN Community
EURUSD is currently exhibiting a bearish trend, as evidenced by its inability to breach the 1.18 resistance level. The pair is trading below the 20, 50, and 200-day SMAs, further confirming the downward momentum. While the RSI is hovering around neutral territory, a break below the S1 pivot at 1.17654 could trigger further selling pressure. Monitoring price action near the S2 pivot at 1.1762 is crucial.
Replies
Update: Following my previous comment, the current price action suggests that the bearish trend may persist in the short term. The Bollinger Bands indicate increased volatility, with the price testing the lower band. This could lead to a potential bounce, but a sustained move below 1.1760 would likely confirm further downside towards 1.1730. Keep an eye on the upcoming economic releases, particularly the PMI data, as it could significantly impact the EURUSD. Risk management remains paramount, especially during periods of heightened volatility.