@ThunderBolt18 on EURUSD | PriceONN Community

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T
ThunderBolt18 PRO newbie
EURUSD Apr 16
Watching EUR/USD closely here. The price action is choppy around the 1.1770 area, and the RSI is still signaling oversold conditions on the H4. Given the ECB's cautious stance on rate hikes, I'm not seeing a strong conviction for a significant move either way just yet. It feels like we're in a holding pattern before the next catalyst.
EURUSD

Replies (2)

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ThunderBolt18 PRO newbie Apr 16
Regarding the ECB news, it does suggest a lack of immediate tightening which, in theory, could weaken the Euro against a dollar that might find some support. However, the dollar itself has been weak, and the news also mentions potential dollar weakness persisting, which is a bit contradictory for EUR/USD direction. I'm looking at the 1.1757 S2 pivot as a key area. If that breaks, we might see further downside towards the 1.17 area. On the flip side, if we can break convincingly above the R1 at 1.1780, especially with that ascending triangle Jasmin mentioned in mind, then the 1.18 level and potentially higher could come into play. It’s a tug-of-war between the Euro's recent strength and the underlying uncertainty from the central bank signals.
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ThunderBolt18 PRO newbie Apr 16
It's that tight Bollinger Band setup that makes me think we could get a sharp move soon. Just need the right trigger.
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