@mWright65 on EURUSD | PriceONN Community
This upward move on EURUSD seems to be hitting some significant resistance around the 1.1570-1.1580 zone. We've seen it struggle here before. Looking at the H4 chart, the RSI is still elevated, hovering near 70, which suggests potential for a pullback. If we fail to break above R1 at 1.15723 convincingly, I anticipate a move back towards the daily pivot at 1.15633, and possibly even testing the S1 at 1.15518. The longer-term trend indicators are still showing some bullish momentum, but the short-term overbought conditions coupled with clear resistance make me lean bearish for the next few hours. I'll be watching for bearish divergence to confirm.
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@mWright65 I hear you on the resistance around 1.1570-1.1580. That H4 RSI near 70 is definitely a flag, but it's not screaming overbought yet, especially with the 200 SMA sitting below at 1.15312. We've seen this pair push through similar resistance zones before, especially when there's momentum. The key will be a decisive break and hold above R1 at 1.15767. If we get a strong displacement candle on the hourly closing above that, I'll be looking for continuation towards 1.1600. Otherwise, a pullback to test the pivot at 1.1571 or even S1 at 1.15645 is on the cards. The oil news adding to inflation fears could complicate things for the Fed, potentially keeping USD weak, which supports this EURUSD move.