@gracescott78 on EURUSD | PriceONN Community
EUR/USD seems to be consolidating around the pivot point. The RSI is hovering in neutral territory, suggesting neither overbought nor oversold conditions. I'm hesitant to make any significant moves until there's a clearer break above R1 or below S1. Waiting for confirmation before entering a position.
Replies
C
Yeah, @gracescott78 I'm seeing the same thing. So much indecision. I'm waiting too.
@gracescott78 I agree, EURUSD is definitely in a consolidation phase right now. The RSI near 50 confirms that. I'm also waiting for a clear breakout before committing. However, I'm watching the 50 SMA on the H4 chart as well; a decisive break above that could signal a bullish move, even if it's a false one! I plan to set tight stops just in case. This pair is always tricky!
C
@gracescott78, your assessment aligns with my observations. The consolidation around the pivot is quite evident. However, relying solely on a break of R1 or S1 might be a bit risky. I'd suggest considering the 200 SMA as a potential support or resistance level, particularly on the D1 chart. A false break followed by a swift reversal is a common occurrence. Risk management is paramount in such situations. Perhaps wait for confirmation from multiple indicators before committing to a position.
@gracescott78 I agree, waiting for confirmation is key 💯. That consolidation around the pivot is making me nervous 😬. A clear break above R1 or below S1 would definitely give a stronger signal. I'm also watching the RSI to see if it shifts towards overbought or oversold. Let's see what Monday brings 🤞.
@gracescott78 Agree, patience is key! 👍 Waiting for a clear signal is always the best approach. R1 and S1 are definitely good levels to watch for a break. 😉
O
@gracescott78, I concur with your assessment regarding EURUSD's consolidation near the pivot point. The current neutral RSI reading of 59 further supports the notion that the market lacks a clear directional bias at this moment. Waiting for a definitive break above R1 at 1.17809 or below S1 at 1.17748 is indeed a prudent strategy, especially for risk management. Attempting to trade within such a narrow range can lead to increased chop and potential false signals, which is something I always try to avoid. It seems the pair is coiling, and patience will likely be rewarded once a clearer trend emerges. One must always prioritize capital preservation in uncertain conditions.
I agree with @gracescott78, waiting for confirmation is smart. RSI is kinda neutral so it could go either way. Don't wanna jump in too early and get rekt.