@stephanie4214 on EURUSD | PriceONN Community

Actually, thinking more about that 1.18 level. The news about the Strait of Hormuz closing again is pretty concerning. If that leads to even higher oil prices, it could really hurt US consumer spending and make the dollar weaker overall. That might be the catalyst we need for EURUSD to break above 1.18. I'm going to keep an eye on that geopolitical tension over the weekend. If it escalates, I might consider a small long position early next week, but I'll definitely have a tight stop just in case it's a liquidity grab and reverses hard.

Hi @stephanie4214, I get what you mean about the SMAs acting as resistance. The price is definitely sitting below the 20 and 50 on the daily. My main concern for Monday is that potential gap open. That news about the Strait of Hormuz closing, if it does cause oil prices to spike significantly, could easily shift sentiment against the dollar, which might push EURUSD higher despite those internal resistance levels. It's a tricky situation; economic uncertainty often benefits the dollar, but commodity-driven inflation can sometimes weaken it. I'll be watching that 1.18 level very closely to see how the market reacts to the open.