@jwilson394 on EURUSD | PriceONN Community
Watching the 1.1775 resistance area closely. The 50 SMA is right there and the recent economic data from the US is pretty weak, which should theoretically weaken the dollar. I'm leaning towards a short-term bullish push here, maybe aiming for the R2 pivot at 1.17747 if we break through.
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Actually, thinking more about that 1.1775 level. If we don't get a clean break and it turns into a fakeout, that would be a classic inducement pattern to trap longs before a reversal. The RSI is hovering around 53, not showing strong momentum either way. So, if we see price reject hard off 1.1775 and start dipping back towards the 20 SMA around 1.1758, I might consider flipping my bias to bearish for a quick scalp down to the S1 pivot. Always gotta watch for those trap setups.