i'm observing EURUSD at 1.17961 and it seems quite neutral based on the data. Both the 20 and 50 SMA are very close, around 1.1783-1.1784. The RSI is also exactly at 50.9, right in the middle. Does this kind of consolidation usually lead to a significant move later?
To add to my previous point, I'm trying to understand the implications for scalping. Currently, the price is just above R1 at 1.17839, but below the 200 SMA at 1.18104. This narrow range makes it difficult to find clear entries for quick trades. The pivot point at 1.1778 is also very close to the current price. I'm wondering if it's best to wait for a definite break past R2 at 1.17951 or a dip towards S1 at 1.17668 to confirm direction. As a beginner, identifying short-term trends in such a tight market is proving quite challenging. Any tips on how to manage such conditions?
