@JackThomas55 on EURUSD | PriceONN Community
J
EURUSD looks like it's struggling to break through the 1.1840 level. The SMAs are all clustered pretty close together – 20, 50, and 200 – which suggests we might see continued consolidation. RSI isn't giving much away either. Possibly waiting for a clearer signal before entering a position.
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J
Update: I'm noticing the S1 pivot point is at 1.18262. If it breaks through that, could we see a further drop? Just a thought!
Hi @JackThomas55, I see what you mean about the SMAs being close! It does look like consolidation. As a beginner, I'm a bit confused about what that means for long-term investing in EURUSD. Does consolidation mean it's not a good time to buy? I'm looking to hold for many years, so I'm not too worried about short-term ups and downs. Should I wait for a clearer signal, or is now a good opportunity to get in at a potentially low price? Thnk i will wait for now.
@JackThomas55 I agree with your assessment of EURUSD's current consolidation. The proximity of the SMAs does suggest a period of indecision. However, consider looking at the Bollinger Bands too. The price is currently near the upper band, which could indicate a potential pullback or a breakout attempt. I'd wait for confirmation above R1 before considering a long position. Also, keep an eye on the D1 chart for longer-term trend confirmation. Patience is key here; a false breakout could lead to losses.