@idavies882 on EURUSD | PriceONN Community
Interesting to see the price action around 1.1510. Given the recent news about potential Fed hikes and the general risk-off sentiment, I've decided to move my stop-loss on my long position up to breakeven at 1.1524. It's prudent to protect capital when uncertainty is this high, especially with the SMA 20 acting as resistance.
Replies
Further to my last comment, looking at the H4 chart, the RSI is hovering around 43, which isn't screaming oversold or overbought, but it's definitely not showing strength. The fact that the price failed to break above the 50 SMA earlier is concerning. If this current bearish pressure continues, I'll be looking at the 1.1500 pivot as the next key level. The overnight US session has been pretty choppy, but I'm leaning towards a downside continuation if the dollar remains firm due to those inflation concerns we've been hearing about.