@sjaved228 on EURUSD | PriceONN Community
I'm watching this EURUSD chart and it's hovering right around 1.1786 again. Is anyone else seeing that little spike up earlier today that failed to break past 1.18? It felt like a bit of a fakeout, maybe some inducement for early longs before it pulled back. With the dollar looking a bit weaker on that Iran news, I thought we might see a stronger push up. What's your take on this level holding?
Replies
Okay so I was asking about that level around 1.1786 and the potential inducement. Looking at it again, it really does look like a trap. If you zoom out, the 200 SMA is way down at 1.166, so there's tons of room to fall if this thing reverses. I'm a bit worried because I bought a small position expecting it to break 1.18 after seeing the dollar drop. Now it's just sitting here. Maybe I should just cut my losses before it gets ugly and I become a bag holder.
M
Totally agree with you @sjaved228, that spike today felt like pure inducement. They pushed it up to 1.18 just to grab liquidity before slamming it back down. It's textbook. I'm thinking the dollar weakness narrative might be fading, especially with that ECB hinting at caution. Gonna look for shorts if we break below 1.1770.