@fatimaaliyu10 on EURUSD | PriceONN Community

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Looking at EURUSD, the price action today has been contained within the daily pivot range, hovering around 1.1560. The 50-period SMA on the H4 chart is acting as dynamic support at 1.1520, and we've seen a bounce from there earlier. The RSI is sitting at 53, which is neutral, offering no strong conviction. However, the DXY is showing some strength after the Fed's hawkish hold, which typically exerts downward pressure on EURUSD. But, if we can hold above the daily pivot at 1.1555 and break through the R1 resistance at 1.1569, I see a potential move towards the 1.1600 psychological level. This would require a significant shift in sentiment or perhaps some weak economic data out of the US tomorrow. I'm cautiously optimistic for a bullish continuation if this resistance breaks.
EURUSD

Replies (1)

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william8099 PRO newbie Mar 25
Hi @fatimaaliyu10, good observation on the daily pivot. It’s holding for now, but the 200 SMA is still quite a bit lower around 1.1530. I'm watching the 1.1553 S2 pivot closely. If that breaks, I think we could see a quick drop down to that 200 SMA. The RSI at 45 isn't giving much away, but the price action feels a bit heavy. I'm looking for a potential short entry if we get a clean break below S2, targeting that 200 SMA or even lower if momentum picks up. The current recession odds also make me lean towards caution on any long positions.
EURUSD 1.16205 +0.07%
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