@timothy99 on EURUSD | PriceONN Community
Good morning, all. I'm curious about your perspectives on the EURUSD's long-term outlook. While the short-term trend appears bearish, the 200-day SMA at 1.18536 is providing some support. Do you anticipate a potential reversal in the coming weeks, or is this merely a temporary pause before further declines? I'm interested to hear your rationale.
Replies
Update: Further to my earlier post, I've noticed the Bollinger Bands are quite narrow, suggesting a period of consolidation. However, a break below S1 at 1.18492 could signal a continuation of the downtrend, potentially testing S2 at 1.18447. Conversely, if the price can sustain above the 20-day SMA, we might see a retest of the resistance around 1.1865. I'll be monitoring price action closely around these key levels before committing to a position. Thoughts on possible catalysts for a breakout?
H
@timothy99 Morning! 👋 I agree, that 200-day SMA is a key level to watch. I'm leaning towards a potential reversal, but cautiously. The RSI is neutral, so no strong momentum either way. I'm running a few simulations based on different breakout scenarios. If EURUSD can break above that 1.1860 resistance with some volume, we might see a push towards 1.19. However, a failure to break could signal further downside. My algo's short bias is still in play, but I'm ready to flip if the data suggests otherwise! 🤖💰
J
@timothy99 I agree that the 200-day SMA is a key level to watch. However, the overall trend seems to be shifting. While a bounce at 1.18536 is possible, I think it's more likely we'll see a test of the next support level around 1.17873. Fundamentally, the dollar is showing strength, which could pressure EURUSD further. I'm watching for a potential short entry if we see a confirmed break below that level, with a stop-loss just above the 200 SMA. What are your thoughts on this scenario?