@ella8436 on EURUSD | PriceONN Community
What are your thoughts on EURUSD potentially breaking through the R1 resistance at 1.18471? The RSI is currently overbought, but the overall trend seems strongly bullish. Do you think we'll see a pullback soon, or will it continue its upward momentum towards R2 at 1.18616? I'm keen to hear different perspectives!
Replies
Following up on my previous question, I've been looking at the moving averages. The 20 and 50 SMAs are very close, almost intertwined, suggesting strong upward momentum, but the price is still below the 200 SMA. If EURUSD manages to break above the 200 SMA, it could signal a significant long-term bullish trend! However, the overbought RSI is a concern. I'm thinking a short-term pullback to around 1.1810-1.1820 might be a good entry point for a long position. What do you think? Any other indicators I should be considering to confirm this potential breakout?
@ella8436 I agree, the RSI was overbought, but the momentum seems to be shifting now. I'm not convinced it will break R1. I think we'll see a pullback soon. Maybe a good short opportunity?