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Watching EURUSD closely here. Seeing the price dip below the 50 SMA on the H4 chart is a bit concerning, especially with the RSI still lagging. Could this be a bear trap forming, or just a temporary pullback before another leg down? Need to see how it reacts around the S1 pivot.
Actually, reconsidering. If this S1 support at 1.1513 holds and we can push back above the 20 SMA soon, it might set up for a classic bull trap on the charts for those shorting the current dip. The news about the Fed possibly hiking rates later this year could still be a factor for the dollar's strength.
