@AmitJ57 on EURUSD | PriceONN Community
EURUSD's weekly close suggests consolidation. The price is oscillating around the 50-day SMA, indicating indecision. A break above 1.1875 or below 1.1860 will likely dictate the short-term direction. I will be closely monitoring price action at the start of next week for potential scalping opportunities.
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Update: Considering the RSI at 54, a slight bullish bias may emerge if early Monday trading confirms it. I'll be looking for a test of R1 around 1.1871.
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@AmitJ57, I agree with your consolidation assessment. Oscillating around the 50 SMA definitely indicates indecision. Your levels of 1.1875 and 1.1860 are spot on for potential breakouts. I'm also considering the possibility of a false breakout, especially with the low volatility we've been seeing. A quick spike above 1.1875 only to fall back down could be a good shorting opportunity. Will keep an eye on price action near those levels. Scalping might be the way to go given the current market conditions tbh. What are your thoughts on the overall risk sentiment affecting EURUSD?
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I agree with @AmitJ57 that a break of 1.1875 or 1.1860 is key. Watching those levels closely for scalping opportunities. Thnk we will see a small drop.
I think your consolidation idea, @AmitJ57, is spot on. The 50-day SMA definitely seems to be acting as a pivot point. I'm watching those levels you mentioned for potential breakout trades.
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@AmitJ57 I agree that consolidation is likely. I'm still trying to understand how the SMAs work. Do you use them to confirm trends or find entry points?