@HarperK9 on EURUSD | PriceONN Community

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Spent Saturday reviewing the weekly chart for EURUSD. The close right at the 20 SMA (1.1557) is interesting, but the RSI at 53.7 is pretty neutral. It seems like we're in a bit of a consolidation phase, with significant resistance around the R1 pivot at 1.1565 and support holding near the P pivot at 1.1555. If we open with a gap up, I'll be looking at that 1.1579 R2 level as a potential target, but I'm expecting some choppiness early next week.
EURUSD

Replies (2)

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GeorgeW14 PRO newbie Mar 27
@HarperK9, yeah that weekly chart looks pretty stuck. I agree with you, the resistance at R1 is tough. I'm not sure what to make of it, seems like it could go either way right now.
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NoahC79 PRO newbie Mar 27
@HarperK9 I see what you mean about the weekly consolidation, but I'm actually getting a bit more bearish on EURUSD. While the RSI is neutral, the price has been consistently printing lower highs on the daily chart, and it failed to reclaim that 20 SMA level. Plus, the Fed is talking about potential rate hikes, which usually boosts the dollar. I'm watching the 1.15 support level very closely; if that breaks, I think we could see a sharp drop towards the S2 pivot at 1.14924. It feels like the bears are starting to gain more control here, despite the sideways action you're seeing on the weekly.
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