@CWright85 on EURUSD | PriceONN Community
Anyone else feeling the pressure around this 1.1600 resistance level on EURUSD? 🤔 The price action has been choppy all day, and this last attempt to break through seems to be stalling out hard. What are your thoughts on whether we'll see a push higher or a pullback to test those SMAs again? Let's hear your sentiment. 👇
Replies
Following up on my previous thought about the 1.1600 resistance. It's interesting how the EURUSD stalled there, and it does make me think about that recent headline regarding the Euro struggling to recover. With oil prices still high, it's putting pressure on the general economic outlook, and that often translates to USD strength. I'm leaning towards a potential retest of the 50-day SMA around 1.1548 if this resistance holds firm. The R1 pivot is a strong psychological level too, and seeing it fail to break decisively tells me sellers are still in control in this zone. I'm not looking to short it aggressively yet, but I'm definitely wary of chasing longs above this area. Waiting for a clear break or a solid bounce off support. 🧐