@melissaperez93 on EURUSD | PriceONN Community
EURUSD closed the week slightly bullish, but I'm still cautious. The 200 SMA is just below, acting as support around 1.17969. I'm watching for a potential retest of that level early next week. If it breaks, we could see further downside, but a hold there could signal a continuation of the upward trend.
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Update: Also considering the impact of potential news events next week. Any unexpected announcements could easily disrupt the current technical picture. I'll be monitoring the economic calendar closely and adjusting my positions accordingly. I'm thinking of setting tighter stop losses than usual to protect against any sudden volatility. It might also be wise to reduce position size slightly until the market settles. I'm hoping to see a clear direction emerge by mid-week, but I'm prepared for choppy conditions in the meantime. Risk management is key!
A
@melissaperez93, your observation regarding the 200 SMA is valid. I concur that it presents a significant level of interest. However, I'm skeptical about a sustained upward trend given the broader macroeconomic headwinds. The RSI is still below 50, suggesting limited bullish momentum. A break below 1.1590, the S1 pivot, could invalidate the bullish scenario. I will be watching closely for confirmation signals before committing to any long positions. It's important to consider all possibilities.