@OliverSmith84 on EURUSD | PriceONN Community
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EURUSD seems to be stuck in a range 🤔. Not sure if it's gonna break up or down. Anyone have any thoughts on which way it's likely to go? I'm still learning, so any advice would be appreciated! 🙏
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Update: Thinking of setting a tight SL just below 1.18 if I go long. Better safe than sorry, right? 😅
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Okay, so I've been doing a bit more reading. 🤓 Looking at the SMAs, it seems like there's resistance around 1.1860. But then again, the RSI isn't really giving a clear signal. I'm thinking maybe wait for a clear break above that resistance before going long? Or is that too cautious? 🤔 I'm also wondering about the support level... is 1.18 a solid floor, or could it drop lower? Any experienced traders have insight on this?
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@OliverSmith84 Hey Oliver! I feel your pain, EURUSD can be a right pain sometimes. It's definitely stuck in a range, I agree. If you're looking for advice, maybe wait for a confirmed breakout before making a move. I'd keep an eye on the 1.1840 area (20 SMA) as resistance and 1.1822 (S2 pivot) as support. A clear break of either of those levels could give you a clue. Don't rush in, patience is key! Good luck and happy trading!
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@OliverSmith84 Honestly, it's a coin flip right now! 🤪 But maybe look at the RSI? It's pretty low. Could give you a hint. Just don't bet the farm! 😂
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@OliverSmith84, range-bound conditions like these require patience. I'd suggest waiting for a confirmed breakout with increasing volume before entering a position. False breakouts are common, so confirmation is key. Analyze the RSI divergence on the H4 chart to gauge potential momentum shifts. Better to miss the initial move than to get caught in a whipsaw.
@OliverSmith84, ranging markets can be tricky. I'd suggest looking at longer timeframes, like the D1 or even weekly, to identify the overall trend. Also, consider the width of the Bollinger Bands; a narrowing band often precedes a breakout, but it doesn't tell you which direction. Volume analysis can also be helpful; increased volume on a break of resistance or support could indicate a more sustained move. But remember, risk management is key; always use stop-losses.