@anjali6480 on EURUSD | PriceONN Community
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Alright, EURUSD has been pretty choppy today during London session. I'm currently in a small long position opened around 1.1470, and I've just moved my stop loss up to breakeven. Better safe than sorry given the mixed signals and that dollar strength news from earlier. Don't want to give back any potential gains if things turn sour unexpectedly.
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Also, keeping an eye on that recent news regarding EUR/GBP and the ECB's stance. If that leads to further euro weakness, my current long on EURUSD might be in trouble even with the stop at breakeven. It's always a balancing act with these fundamental drivers influencing the price action.
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Hey @anjali6480, it's smart to move your stop to breakeven on EURUSD, especially with the current chop and the uncertainty around the US dollar. The news about geopolitical tensions affecting the DXY could definitely cause some fireworks, and it's wise to de-risk when you're not entirely sure of the next move. I'm also watching that EUR/GBP cross you mentioned; any sustained weakness there would naturally put pressure on EURUSD, even if the technicals look okay on their own. I'm planning to re-evaluate my own outlook for next week based on how the market opens, but for now, protecting capital is key. The weekly close wasn't terrible, holding above the 50 SMA, but the volatility around the Fed's statement and the ongoing geopolitical situation creates a complex environment. Let's see if we get a clear direction come Monday.
Hey @anjali6480, I saw that too on EURUSD. It looks like it's forming a bit of a descending triangle on the H1 chart. Not super clear yet, but the lower highs and that flat support around 1.1560-1.1570 look like they could break soon. Might be worth watching for a downside move if it continues.