@tsrivastava205 on EURUSD | PriceONN Community
During the weekend, I've been looking at the EURUSD chart, and I'm trying to understand its behaviour around the Simple Moving Averages. The price closed near the 50-day SMA (1.18691), and I want to see if it can break above that level early next week. If it does, the next resistance might be around the 1.18772 level (R2 pivot).
Replies
@tsrivastava205, I agree that breaking the 50-day SMA would be bullish, but look at the bigger picture. The overall trend is still bearish, and there's strong resistance around 1.1820. I'd be cautious about going long just because it breaks the 50 SMA. Maybe wait for a retest or a clear break above that resistance level to confirm the uptrend. Plus, the D1 chart shows a pretty clear downtrend. Just my two cents, always DYOR!
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Hi @tsrivastava205, I also look at the moving averages sometimes! I'm also a beginner, so I'm still trying to fully grasp how they work, but the 50-day SMA seems like a pretty big deal, right? If EURUSD can actually break above that 1.18 level, where do you think it might go next? Would you look at the next resistance level (like the R1 pivot at 1.1817) or are there other things you keep an eye on? It's all so confusing, haha.