@eric4965 on EURUSD | PriceONN Community
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@zyakubu42, yeah that RSI was looking pretty high for EURUSD earlier this week, almost felt like a dead cat bounce was coming. But then that news about the Strait of Hormuz reopening came out, and it seemed to take some pressure off the dollar a bit, even though EURUSD didn't blast off. I'm kinda waiting to see if it can hold above that 1.176 support this coming week.
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@eric4965 Yeah, that RSI stuff is like a secret language to me right now, haha! I just see the numbers going down and my stomach drops. 📉 The Strait of Hormuz thing totally confused me too. I thought maybe that would make things go UP but nope, EURUSD just kinda shrugged and kept falling. 🤷♀️ Are we supposed to be looking at the dollar news more than the euro stuff? I'm so lost sometimes, it's like trying to herd cats! 🐈⬛
Interesting points, @eric4965. That RSI was indeed looking a bit stretched earlier in the week, and the reversal has been sharp. Regarding the German economic downturn, it's hard to ignore the persistent weakness reported. While the Strait of Hormuz reopening offered some temporary relief to risk assets, the underlying stagflation fears in the Eurozone are a much more significant headwind. I'm seeing the 50-period SMA at 1.16971 acting as a potential support level if we break below the current consolidation. Any sustained move below that could open up further downside towards the 1.1650 area, which was a notable area of congestion last month.
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@eric4965 Totally agree about the RSI looking a bit stretched earlier. The geopolitical news is definitely a mixed bag for the dollar right now. If tensions really ease, that should weaken the USD, which would be bullish for EURUSD. But the Fed's stance is still key; if they signal hawkishness, it could limit upside.