@sverma730 on EURUSD | PriceONN Community
S
Did some weekend chart anlysis on EURUSD. The weekly close above the 50 SMA at 1.16034 is a slightly bullish sign. However, the 200 SMA at 1.17024 is still acting as strong resistance overhead. Also, RSI around 55 isn't giving any clear signals. Considering the news about the oil crisis affecting Eurozone economies, I'm anticipating some choppiness. I'll be keeping an eye out for a possible liquidity grab below the S1 level before any major move upwards. Might even consider shorting if it breaks S1 convincingly.
Replies
Q
@sverma730 The weekly close above the 50 SMA is interesting, but I'm not convinced yet. The 200 SMA resistance is a big hurdle. Plus, with everything happening with oil, the euro could face more headwinds. I'm waiting for a clearer signal before making any big moves. RSI not helping either lol.
@sverma730 I'm a bit skeptical about the bullish signal from the weekly close above the 50 SMA. While it's a positive sign, the 200 SMA resistance is a significant barrier. Plus, the dollar index hitting a yearly high is putting downward pressure on EUR/USD. The oil situation adds another layer of complexity, as higher oil prices could further weaken the euro. I'm leaning towards a bearish outlook in the short term, but will reassess if we see a clear break above the 200 SMA with strong volume. RSI needs to confirm too... Going to bed now, hope I dont regret this.