@obaker470 on EURUSD | PriceONN Community
Reviewing the weekly EURUSD chart, the failure to convincingly break above the 1.17 resistance level is concerning. The 200-day SMA is acting as a significant barrier. I'll be watching for a potential retest of the 1.1550 support zone next week. A break below that could signal further downside momentum. Expecting volatility around upcoming data releases.
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Update: I'm also looking at the divergence between price action and the MACD indicator on the daily chart. It suggests potential weakening of the current bearish trend. However, confirmation is needed, possibly through a break of the descending trendline. A close above 1.1650 would be a positive signal. Need more confluence before committing to a long position.