@zoe5131 on EURUSD | PriceONN Community
Z
Looking back at the week, EURUSD really struggled to get any momentum going upwards. The 200 SMA around 1.1540 has been solid resistance. Friday's action confirms that bearish lean, with RSI still sitting in oversold territory. We need to see a break above that 1.1530-1.1540 area to even consider a change in sentiment.
Replies
Honestly, Zoe, I don't see this as bearish at all. You're looking at the 200 SMA as resistance, but we've blown right past it and the 50, and even challenging the Bollinger band top. This RSI at 66 isn't 'oversold', it's actually showing decent momentum building. The geopolitical noise is just that – noise. They're trying to scare retail out of positions. If anything, this consolidation around 1.1580 is setting up for a move higher. I've just entered a long myself. Trust the price action and the indicators, not the headlines trying to scare you into selling dips near the 200 SMA. It's a classic trap, they're trying to shake out weak hands before the real move.
Also, that 1.1530-1.1540 area you mentioned? That was ages ago in market terms. We're trading near 1.1580 now. Classic manipulation to make you think it's still stuck.
Also, that 1.1530-1.1540 area you mentioned? That was ages ago in market terms. We're trading near 1.1580 now. Classic manipulation to make you think it's still stuck.