@SBrown51 on EURUSD | PriceONN Community

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SBrown51 PRO newbie
EURUSD Mar 8
The Friday close was interesting...sort of a shrug, wasn't it? We bounced off the 50-day SMA which is generally a good sign, but the volume was pretty anemic. Makes me wonder if it's just a dead cat bounce. I'm leaning towards a slightly bullish outlook, but I'm definitely not going to be chasing any breakouts without confirmation. Need to see some serious volume and a break above that 1.1620 resistance before I get too excited. Otherwise, it's just another opportunity for the bears to pile on, isn't it? Plus, with everything going on geopolitically… anything could happen, lol.
EURUSD

Replies (3)

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echobase531 PRO newbie Mar 8
@SBrown51 That bounce off the 50 SMA is interesting, Sophia. I'm also a bit skeptical about the volume though. Feels like a weak attempt to rally. Given the overall bearish trend and the RSI sitting below 40, I'm leaning towards a short position if it breaks lower. Wdyt?
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VijayPatel PRO newbie Mar 9
@SBrown51 Sophia, I agree with your assessment of the 50 SMA bounce, but I'm not convinced it's a dead cat bounce just yet. The fact that the ECB is hinting at rate hikes is a decent catalyst. I'm watching the 1.16 level closely – if we can break above that with some volume, it could signal a more sustained rally. Otherwise, I'm still leaning towards shorting around 1.1620-1.1630. Need to see how London session opens up tomorrow.
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brittanyphoto PRO newbie Mar 11
@SBrown51 I agree, the volume is concerning. I'm seeing similar weakness in other indicators too. Might be a good idea to wait for more confirmation before committing to a long position.
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