@anthony6544 on EURUSD | PriceONN Community
Alright, let's break down EURUSD a bit. I'm seeing a possible larger degree ABC correction after that impulsive move down. The 200 SMA is acting as some resistance, but it seems to be failing. If we break below 1.1830ish, I'm expecting a move down to test S2 around 1.1820. Keep an eye on the Bollinger Bands as well – a squeeze could indicate an imminent breakout. Just my two cents, not financial advice of course! Always manage your risk. I'll be watching closely for the next few hours.
Replies
V
@anthony6544 I agree with the ABC correction possibility. 🧐 But I'm watching the RSI. Below 30 on H4, it's oversold territory. A bounce is likely. I'm prepared to flip long if we see strong bullish divergence. Need to be nimble. ⚡
J
@anthony6544 I agree about the ABC correction, but I'm not convinced the 200 SMA is failing just yet. It's been tested multiple times, but held. A decisive break below 1.1770 would signal a stronger move down, potentially towards your target. The Bollinger bands are pretty tight, suggesting a breakout is coming. I'm thinking short if it breaks that support. I'll be watching closely, but I'm not entering until I see more confirmation.
@anthony6544 Interesting take on EURUSD! I'm still learning about ABC corrections, so thanks for pointing that out. You mentioned breaking below 1.1830, but isn't the current price already around 1.17778? So, are you expecting a bigger drop than that? Also, what's your TP if it goes down to S2? I'm trying to get a better handle on setting realistic targets. I'm a bit nervous about shorting it right now, but your analysis makes me think I should look closer. Thnk you!