@R_Allen on EURUSD | PriceONN Community
EURUSD is currently exhibiting a neutral trend, hovering around the 1.1811 level. The RSI(14) at 56.5 doesn't indicate strong overbought or oversold conditions. I'm closely watching the 200-day SMA, currently at 1.17996, as a potential support level. A break below that could signal further downside movement. I'll be waiting for a clearer signal before initiating any new positions.
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Update: Considering the proximity of the 20, 50, and 200 SMAs, this area between 1.1797 and 1.1800 is going to be a key battleground. A decisive break below these moving averages, confirmed by increased volume, would likely lead to a test of S1 at 1.17998. Conversely, sustained price action above 1.1815 could indicate a potential move towards R1 at 1.18054. Risk management is paramount here. I'm setting alerts for both scenarios to react accordingly. Patience is key; no need to rush into a trade without sufficient confirmation. I'm thinking a tight stop loss around 1.1820 if going long, and 1.1795 if shorting.