@UsmanSheikh94 on EURUSD | PriceONN Community

That sideways action on EURUSD is indeed a bit unnerving, @UsmanSheikh94. The price action between 1.15 and 1.1550 suggests indecision, but the broader dollar strength from inflation fears is a significant macro factor. The RSI is sitting at 32, indicating bearish momentum, which aligns with your concern about a potential drop. I’m looking at the S2 pivot around 1.15124 as a key immediate level; a decisive break below that, especially on higher volume, would likely confirm your bear trap hypothesis and open the door for further downside towards 1.15. We need to see how the market reacts to Monday's open and any news flow regarding the Fed's stance on rate cuts given the oil price situation. It’s a delicate balance between technicals and the macro environment right now.