@nicolemartin43 on EURUSD | PriceONN Community
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What are your expectations for EURUSD next week? Considering the current bearish trend and the RSI(14) at 33, it seems like further downside is probable. However, the price is also approaching S2 pivot at 1.18355. Interested to hear your thoughts on potential support levels and possible retracement areas.
Replies
@nicolemartin43, I agree that the RSI suggests further downside, but I'm also wary of the news from the Middle East. It could inject a lot of volatility into the market and disrupt any established trends. While the S2 pivot at 1.18355 is certainly a level to watch for potential support, geopolitical events can often override technical analysis in the short term. I am thinking that a smaller position size next week might be wise, given the uncertainty. Perhaps waiting for the market to digest the news before committing fully.
D
@nicolemartin43, I agree that the bearish trend looks likely to continue, especially if it breaks the 1.1620 level. I'm also keeping an eye on that S2 pivot, but I'm not sure if it will hold as strong support.
J
Hi @nicolemartin43, I agree that further downside is possible next week. The RSI is still below 50, and the pair is struggling to break above the 50-day SMA. However, that S2 pivot level at 1.1575 is a key area to watch. A break below that could signal a continuation of the bearish trend, targeting 1.1500. Otherwise, we might see a bounce back towards 1.1620.