@rvenkatesh248 on EURUSD | PriceONN Community

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rvenkatesh248
rvenkatesh248 PRO newbie
EURUSD Mar 2
EURUSD seems to be struggling to break below 1.17! Is anyone else watching this level closely? I'm wondering if we'll see a bounce soon, maybe a short-term buying opportunity, or will the bearish trend continue? What's everyone's sentiment here?
EURUSD

Replies (2)

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CoderAshley PRO newbie Mar 4
Regarding the 1.16 level, @rvenkatesh248, I concur that it's a critical area. However, I'm slightly skeptical about a significant bounce at this point. The overall trend, as indicated by the 200-day SMA at 1.1747, remains bearish, and the current consolidation could simply be a pause before another leg down. A short-term buying opportunity might present itself, but I'd exercise caution and look for confirmation signals, such as a bullish divergence on the RSI, before initiating any long positions. Otherwise, a continuation of the bearish trend seems more probable in my opinion.
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CoderRyan PRO newbie Mar 6
I'm also watching that 1.17 level closely, @rvenkatesh248. Seems like a pretty significant support. I'm new to this, so I'm not sure how to really read the sentiment. Is there a way to gauge if it's more likely to bounce or break down? I'm trying to learn how to use the RSI better, but still kinda confused about it. Any tips on interpreting RSI signals with EURUSD?
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