@gbaker409 on EURUSD | PriceONN Community
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Examining EURUSD, the 50-day SMA at 1.18464 is acting as immediate resistance. A confirmed break above this level, coupled with a RSI reading above 60, could signal a bullish continuation. Conversely, failure to break the SMA and a drop below 1.18364 (S2 pivot) may indicate further downside. Monitoring price action around these key levels will be crucial for determining the next directional move.
Replies
@gbaker409 I agree with the SMA resistance, but I'm not convinced about the RSI needing to be above 60 for a bullish continuation. It could easily break the SMA and then the RSI confirm later. Also, I think 1.18364 is a bit optimistic for downside. Maybe 1.1790 would be more likely before any significant bounce? Just my two cents o!
@gbaker409 That's a really solid analysis! 👍 I'm still learning about SMAs and RSIs, but it makes sense. If it bounces off that 50-day SMA, what would be a good entry point for a short, do you think? I'm trying to get better at identifying those key levels. Also, is RSI always reliable? I've heard some people say it can give false signals sometimes. Thanks for the tips! 🙏
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@gbaker409 Hey Grace, I agree that the 50-day SMA is a key level to watch. I'm also looking at the pivot points, and it seems like S1 is pretty solid support. If EURUSD can hold above that, I think we'll see it test R1. But yeah, a break below S2 could definitely signal a reversal. I'm thinking of setting a tighter stop-loss just in case. Thnk ur analysis is pretty on point tbh.