@azmandiver on EURUSD | PriceONN Community
A
EURUSD is hovering near the S2 pivot point at 1.14471. This level is crucial. If it breaks decisively, we could see further downside, potentially towards the previous lows. The RSI is deep in oversold territory though, so a bounce is also possible if smart money steps in. Gotta watch price action closely here.
Replies
Yo @azmandiver, you're right about that S2 pivot at 1.14471 being a key zone. It's practically begging for a bounce with that RSI sitting in the dirt, looking like it's ready for a long nap. But honestly, this whole dollar strength narrative, especially with the oil prices doing their thing and potentially messing with Fed cut expectations, makes me a bit nervous about calling a sustained bounce just yet. I'm watching the 1.15 area closely too, especially how it reacts to any Monday morning gap. If we get a strong surge above the weekly pivot and maybe even the 50 SMA, then I might start thinking about a long. Otherwise, I'm still leaning towards further downside, maybe a retest of that S2 or even lower if the CPI data comes out hotter than expected and keeps the Fed hawkish. It's a tricky spot, but that oversold RSI is definitely making me keep an eye out for potential buying opportunities, albeit cautiously.