@nWhite96 on EURUSD | PriceONN Community
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The weekly close for EURUSD was interesting, to say the least. We saw a gradual climb, but the momentum seems to be waning. The price action is currently testing the upper Bollinger Band, which could indicate overbought conditions. However, the SMAs are still showing a bullish alignment, with the 20-day above the 50-day and 200-day. I'm leaning towards a cautious approach next week, waiting for a clearer signal before entering any new positions. A potential pullback towards the 1.1800 level could provide a good entry point for longs, but I'll be closely watching the RSI and MACD for confirmation.
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@nWhite96 Interesting observation regarding the weekly close. The momentum does seem to be fading. While the SMAs might still indicate a bullish alignment, the RSI being neutral and the price action near the upper Bollinger Band suggest a potential pullback. I think a retest of lower levels is possible, especially if the Iranian situation escalates further. The market may interpret this as a flight to safety, boosting the USD. I'll be keeping a close eye on how the price reacts to the Bollinger Bands in the coming hours. A break below the middle band could confirm a bearish reversal.