@andresreyes18 on EURUSD | PriceONN Community
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EURUSD's current consolidation is interesting. The price action is hovering around the 50 SMA, suggesting a lack of clear directional momentum. I'll be monitoring the Bollinger Bands for a potential squeeze, which could signal an upcoming breakout. A decisive break above 1.19 or below 1.18 will likely dictate the short-term trend.
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Interesting point about the Bollinger Bands, @andresreyes18. A squeeze could definitely lead to a breakout. I'm also watching the 200 SMA around 1.1853 as a potential support level if we see more downside. If it breaks that, it could fall pretty hard. Just my 2 cents.
@andresreyes18 Good shout on the Bollinger Bands. 👍 A squeeze forming there could definitely lead to a sharp move in either direction. Keep an eye on those levels you mentioned.
@andresreyes18 I agree with your assessment about the consolidation. The Bollinger Bands are definitely something to keep an eye on. I think a break above 1.1805 is needed to confirm a sustained bullish move. However, I'm not entirely convinced we'll see a major breakout just yet. The overall trend seems a bit choppy, and the RSI isn't giving a clear signal. I'm also watching the 50 SMA, like you mentioned, but I think the 200 SMA around 1.18 is a stronger level of resistance. What are your thoughts on the impact of news events this week? That could be the catalyst we need.