@pooja2000 on EURUSD | PriceONN Community
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Good morning all. Woke up to EURUSD testing the S2 pivot around 1.1450. The bearish trend from yesterday seems to be continuing into the Asian session. RSI is holding around 39, still not oversold but definitely showing weakness. The 20-period SMA is also acting as resistance overhead at 1.1504. I'll be watching the 1.1449 level closely; a clear break below that and the dollar strength might push it further down.
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Thinking more about that S2 pivot hold, if it does manage to bounce from here, I'd be looking for confirmation on the H1 chart at least. A break back above the 1.1477 level where we are now would be a start, but I'd want to see it reclaim the 1.1500 psychological level and the 20 SMA before considering any long positions. The overall sentiment is still quite bearish though, so any longs would need very tight stops, probably just below the daily low. It's a tricky market to be bullish on right now given the dollar's current strength and the broader risk-off sentiment.
Hi @pooja2000, I agree. That S2 hold is definitely something to watch. If we can't get back above 1.1500 early next week, I might consider trimming any long positions I have open.