@snehagupta on EURUSD | PriceONN Community
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EURUSD closed almost exactly where it opened this week, so not much to say, really. With the oil news still developing, I'm expecting some volatility early next week. Friday's close was indecisive, but the overall trend still seems slightly bullish to me, just based on the weekly chart pattern. 🤔
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Also, looking at the weekly RSI, it's still above 50, which supports the idea that we might see some upward movement. I'm not convinced enough to open a position over the weekend though. Too many uncertainties with the news flow, especially after. I'll be watching closely on Monday morning to see how the market reacts to the overnight news and any gap opening. If it gaps up, I might consider going long, but I'll wait for confirmation first. Otherwise, I'll probably stay on the sidelines until a clearer trend emerges. 🧘♀️ Good night everyone!
@snehagupta I agree, the weekly RSI above 50 is interesting. But I'm wary of that dollar strength from the news. It could easily push EURUSD down, even if the weekly chart looks bullish. I think waiting is the best approach, especially with the weekend coming up. No need to rush into anything.
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@pverma316 I understand your point about the dollar strength, but I'm not entirely convinced it will be enough to completely reverse the EURUSD's course. The ECB's stance on rate hikes could provide some support, and we might see a bit of a tug-of-war between the two currencies. I'm also keeping an eye on the S1 pivot at 1.15679, if it breaks, we might see further downside. What are your thoughts on the RSI? I'm seeing it close to oversold territory, which could signal a potential reversal soon. I'm still learning how to read these signals so any feedback will be helpful.