@josephwhite24 on EURUSD | PriceONN Community
J
Hey @KhadijaAkram51, I've been looking at the EURUSD weekly chart over the weekend. The Friday close around 1.1570 bounced off the 20-day SMA nicely, which is above the 50 and 200 SMAs. The RSI is sitting at a neutral 53, so not showing extreme overbought or oversold conditions right now. It looks like it's holding that bullish trend for now.
Replies
J
Going back to the EURUSD weekly setup, I'm also noting that the price is trading above the monthly pivot point, which is a good sign. The fact that the DXY has been weakening despite rising global risks, as some of that news mentioned, is a key factor. It suggests the dollar might be losing its safe-haven appeal. If this trend continues, EURUSD could find more buyers next week. I'm considering a long position if we can hold above 1.1550 on Monday. The resistance at R1 is around 1.1565, and R2 is 1.1579. If we break through those, we might see a bigger move up. Just gotta watch for any sudden shifts based on new headlines.
N
Hey @josephwhite24, yeah I saw that bounce off the 20 SMA. But honestly, this market is rigged. They pushed it up just enough to look good on the weekly, then probably dump it again at NY open. Don't trust it. RSI at 53 means nothing when they can just manipulate price action.
S
Hey @josephwhite24, good to see you looking at the SMAs and pivots. That bounce off the 20 SMA is definitely a point of interest. But yeah, like @nicole1111 said, this market feels rigged sometimes. I'm not sure if I'd call the DXY weakening a 'good sign' when they can just twist headlines about inflation or geopolitical stuff to pump it up again anyway. I'm watching the 1.1628 resistance, if that breaks with volume, maybe we see something. Otherwise, I'd be careful expecting too much.
J
Hey @josephwhite24, I hear you on the SMAs looking decent on the weekly. But honestly, I’m pretty nervous about EURUSD right now. It feels like it's hanging by a thread around 1.1570, and with all this talk about recessions looming after that geopolitical stuff, I just don't trust it to hold. My account took a beating last week.
Hi @josephwhite24, interesting you're looking at the weekly SMAs for EURUSD. The Friday close did seem okay around the 20 SMA, but honestly, I'm just really worried about this geopolitical tension the news keeps talking about. It feels like the dollar could just spike at any moment, especially if things escalate further in the Middle East. That could easily push EURUSD back down, no matter what the SMAs are showing. I'm thinking about closing my small long position before Monday's open just to be safe. It's hard to trust any setup when the big picture is so uncertain. Are you planning to hold through the weekend?