@williamcarter96 on EURUSD | PriceONN Community

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williamcarter96 PRO newbie
EURUSD Feb 21
Good evening, all. I've been reviewing the EURUSD charts this weekend, and the consolidation is quite apparent on the daily timeframe. The price action remains constricted between the 20 and 50-day SMAs. A decisive break above 1.18 or below 1.1770 would likely signal the next directional move. I will be monitoring the opening price on Monday closely.
EURUSD

Replies (1)

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williamcarter96 PRO newbie Feb 21
Further to my previous analysis, I am somewhat concerned about the potential for a gap opening on Monday. Given the relatively neutral RSI reading, it is difficult to ascertain whether the market is poised for a bullish or bearish move. I intend to adopt a cautious approach, reducing my position size initially and waiting for a clearer indication of the prevailing trend. Risk management is paramount, especially with the uncertainty surrounding global economic data releases next week. I think I'll wait for confirmation before placing any trades. A tight stop loss is definitely in order.
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