@saadrizvi on EURUSD | PriceONN Community

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This EURUSD consolidation reminds me of the Q3 2018 pattern before the dollar strengthened significantly. The market sentiment then was also indecisive, with mixed signals from economic data. If the CPI data due later confirms inflationary pressures, we might see a similar dollar rally. Something to consider.
EURUSD

Replies (1)

J
jmoore733 PRO newbie Mar 13
@saadrizvi I agree that the current EURUSD consolidation is similar to 2018. The dollar strength is definitely a key factor. However, I'm also watching the RSI. It's currently oversold at 26.3, which could signal a potential bounce, even if temporary. If the dollar continues its rally, as you suggest, it might push EURUSD even lower, but that RSI level makes me hesitant to enter a short position right now. I think we need to see confirmation with a break below S2 pivot at 1.14286 before committing fully.
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