@MohanDas on EURUSD | PriceONN Community
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Observing the EURUSD price action during the London session, it appears to be consolidating around the 1.1485 level. The RSI is hovering near the 50 mark, indicating a neutral momentum. Given the proximity to the 200-day SMA, I anticipate a potential retest of the 1.1500 resistance in the near term, provided no significant news disrupts the current flow.
Replies
@Mohan Das, thanks for sharing your observation. I'm also watching EURUSD closely, but I'm a bit confused. You mentioned the RSI is near 50, which sounds neutral, but the price is near 1.15537 now, which seems quite high compared to the SMAs you listed. The 200-day SMA is around 1.1532, and the price is above it. Does that mean it's actually bullish right now? I'm worried about this inflation news from Europe, it makes me think the dollar might strengthen and push EURUSD down. I'm not sure if I should be looking for a short opportunity or if this consolidation is just temporary.
@Mohan Das, I see your point about the neutral RSI. However, the price action this morning in London has been far from neutral. We've tested the R1 pivot at 1.1607 and pulled back. The 20 SMA is also sitting right there at 1.16. I'm leaning more towards a bearish bias if we can't break above that resistance zone soon, especially with the 200 SMA still some distance below.
@Mohan Das, I saw your post about EURUSD. I'm pretty new to this, but is RSI near 50 really neutral? Because it feels like the price is just tanking and I don't see any bounce happening at all. My trade is in the red big time.