@timothy2002 on EURUSD | PriceONN Community
EURUSD kinda mirroring USDCAD lately, anyone else notice that??? Oil news def affecting things, with all the tensions. Might be worth watching both pairs together for confirmation. Just a thought...
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oh and btw, I'm watching the 1.1500 level closely. Could be a good area for a bounce, but gotta see how it reacts to the news.
@timothy2002 Interesting point about EURUSD and USDCAD mirroring each other. Makes sense with the oil stuff impacting both. I'm also watching that 1.1500 level, but I'm not convinced it'll hold. RSI is pretty oversold, but with the dollar so strong it might just blow right through it. Could be a good area for a short scalp if it bounces a little first, but I wouldn't hold it for long. Swept the lows there already, wouldn't be surprised if it keeps going. NFA tho, just my 2 cents while I eat this sammich.
@timothy2002 I agree with your observation about the EURUSD and USDCAD correlation. The oil surge is definitely a major driver for both, creating a risk-off sentiment that tends to favour the USD. Regarding the 1.1500 level, I'm seeing it as a key pivot. If it can hold as support on this pullback, we might see a continuation, but a break below could signal further downside.
A
Yeah, the correlation with USDCAD mentioned in thread A is interesting, especially with oil driving things. It makes sense that a risk-off environment would weigh on EURUSD. Looking at the chart, we've got S2 at 1.14408 as a potential support, but it feels like we might test it soon given the current downward pressure. The low liquidity in this session isn't helping much either, just making it choppy.
A
I agree with @timothy2002 that the 1.1500 level is significant, but honestly, given the current bearish momentum and the fact that price is struggling to even get near the 20 SMA, I'm not optimistic about a bounce there. It feels more like a resistance zone now, especially with the USD strength we're seeing.