@BadrulAmin39 on EURUSD | PriceONN Community
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EURUSD struggling to break above 1.18. The SMAs are acting as resistance. I'm watching closely to see if it can push higher. If it can't, I expect further downside. I'm still trying to understand how to use these moving averages effectively.
Replies
@BadrulAmin39 You're right about the SMAs acting as resistance. However, relying solely on them can be misleading. Consider using them in conjunction with other indicators like Fibonacci levels or pivot points. For instance, the 1.1663 pivot point (S1) is a key level to watch today. If EURUSD fails to hold above that, a further drop towards S2 at 1.16575 becomes very likely. Also, analyze price action around those SMAs – are there bearish engulfing patterns or other signs of rejection? That's the kind of confluence you want to see for higher-probability trades. I am also testing a new bot based on price action + pivots.