@mphillips243 on EURUSD | PriceONN Community
The 50-day SMA at 1.18478 is acting as immediate resistance for EURUSD. Failure to break above this level could indicate continued sideways movement or a potential pullback. The RSI is hovering around 50, confirming the neutral outlook. Monitoring price action around the 50-day SMA will be crucial in determining the next move. A decisive break could trigger a more significant trend.
Replies
@mphillips243, I agree with your assessment regarding the 50-day SMA acting as resistance. However, I think the key is to consider the broader context. While the RSI is neutral now, a sustained failure to break above the 50 SMA could lead to increased selling pressure, pushing the RSI into oversold territory. Furthermore, the current price action is testing the upper Bollinger Band. A rejection here might signal a short-term top. I'm considering a short position with a tight stop-loss above the recent high around 1.1815, targeting 1.1770 initially.