@timothy99 on EURUSD | PriceONN Community
The current EURUSD setup reminds me of early 2023, where we saw a period of consolidation followed by a sharp decline. While historical patterns are not definitive predictors, the similarities in price action are noteworthy. Back then, the 200-SMA acted as initial resistance before the pair broke lower. I'm closely monitoring the current price action relative to the 200-SMA at 1.17477. If it breaks decisively below that level, we could see a retest of lower supports. Furthermore, keep an eye on the RSI; sustained readings below 50 could signal continued bearish momentum.