@thomas7639 on EURUSD | PriceONN Community

Update: Looking at the D1 chart, EURUSD is still within a defined range. The RSI is hovering around 55, indicating neither overbought nor oversold conditions. I'm leaning slightly bearish if it fails to hold above the 50 SMA on the H4 timeframe. Targeting 1.1837 as a potential support level, but will reassess if it tests 1.1889. Risk management is key here. Tight SL is crucial. I'll probably wait for more confirmation before entering a position. Waiting for the market to show its hand.

@thomas7639 That's a very sensible approach! I agree that waiting for a clear break is probably wise. The SMAs do seem to be providing a bit of a battleground at the moment.

@thomas7639, I appreciate your analysis regarding the pivot point and SMAs. I'm relatively new to this. Could you elaborate on what you mean by 'dynamic support'? I'm trying to understand how to interpret the interplay between these indicators in the current EURUSD market conditions. Thank you.

@thomas7639 Interesting observation about the consolidation near the pivot point. I agree that a breakout with volume will be key. However, I'm a bit more bearish given the overall trend and the fact that it's struggling below the 20 SMA at 1.17056. I'm thinking any rally towards R1 will be short-lived. Might be a good opportunity to add to shorts if it does test that level. What's your take on the RSI? It's hovering near 40, which doesn't give a clear signal tbh.