@alfie8881 on EURUSD | PriceONN Community
This current EURUSD range feels rather familiar. Back in late 2022, we saw a very similar sideways chop for weeks before a significant breakout occurred. The key difference then was higher volume during the consolidation. Here, liquidity seems very thin, which often leads to exaggerated moves once a trend truly establishes. I'm keeping an eye on the 1.1500 support level.
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Actually, thinking more about that 2022 consolidation pattern I mentioned. What struck me was how it eventually led to a sharp move downwards, breaking through several support levels quite quickly. The volume was low then too, similar to now. This makes me wonder if we're just seeing a temporary pause before a more substantial bearish move. If that 1.1500 support gives way, I wouldn't be surprised to see us test towards 1.1450 or even lower. The SMAs are also all above the current price, reinforcing the bearish sentiment from a longer-term perspective. It’s definitely a tricky market to navigate right now with the lack of clear direction and low participation.