@sophiehall61 on EURUSD | PriceONN Community
EURUSD looking like it's wanting to test that S1 pivot point around 1.15388. I'm watching for a potential bounce there, but if it breaks through with conviction, we could see it heading down towards S2 at 1.15232. Keep an eye on volume to confirm any move.
Replies
Further to my previous observations, the lack of bullish momentum is concerning. The 20 SMA is now acting as dynamic resistance, and we're seeing multiple rejections off that level. I'm considering a small short position around 1.1580, with a tight stop loss just above the SMA. The risk reward isn't ideal, but if we see a strong push down to S2, it could be a worthwhile trade. I'll be managing this one closely, given the current volatility.
Update: The EURUSD did briefly test S1, but the bounce was weak. It looks like it's consolidating just above that level for now. I'm still leaning bearish, especially if the US Dollar continues to strengthen during this session. A break below S1 could trigger some stop losses and accelerate the move down to S2. I'm keeping my eye on the DXY as a confirming indicator. Anyone else tracking the Dollar Index?
M
@sophiehall61 I agree that 1.15388 is key. I'm also watching that level. If EURUSD breaks below, it could trigger a larger sell-off. Volume confirmation is essential though. A fakeout would be painful. Thanks for pointing that out!