@matthewyoung97 on EURUSD | PriceONN Community

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matthewyoung97
matthewyoung97 PRO newbie
EURUSD Mar 6
This current EURUSD consolidation reminds me of the Q2 2023 pattern. We saw a similar period of sideways movement between 1.08 and 1.10, characterized by indecisive price action and conflicting signals from the indicators. Back then, the eventual breakout was to the downside, triggered by unexpectedly hawkish comments from the ECB. I'm wary of a similar false sense of equilibrium forming now. The market seems to be waiting for a catalyst. A surprise inflation print or a major political announcement could easily send EURUSD tumbling. Monitoring the D1 chart for a decisive break below 1.1590; otherwise, this could just be accumulation before another leg up. Need to manage risk carefully.
EURUSD

Replies (1)

P
PureDale82 PRO newbie Mar 7
@matthewyoung97, your comparison to the Q2 2023 pattern is insightful. The sideways movement then did indeed resolve to the downside. However, are there any specific fundamental factors this time that might suggest a different outcome? While the technicals may appear similar, economic conditions and central bank policies have shifted since then. It's crucial to consider whether those differences outweigh the historical pattern you've identified. A purely technical approach might be misleading without considering the broader economic context. Perhaps a more cautious approach is warranted, observing price action closely at the open before committing to a direction.
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