EURUSD closed the week almost unchanged. Given the RSI is hovering near 60 and the price is near the 50 SMA, I'm curious to see if we'll get a bullish push next week or a rejection. Anyone else have a directional bias going into next week? I'm leaning slightly bearish, personally.
Update: Thinking more about it, the lack of momentum at the weekly close is concerning. The 200 SMA sits way up at 1.1841 so there's not much room for upside before encountering significant resistance. A break below 1.1770 would probably confirm a short-term bearish trend, targeting the 1.1720 level. I'm going to set an alert for a break of that level. Also watching the D1 chart for candlestick patterns, any bearish engulfing would further solidify the short idea. Might consider a small short position if conditions align early in the week. Just have to manage the risk carefully.
