EURUSD is currently showing a mixed signal. The SMAs are closely intertwined around the 1.1800 level, indicating indecision. RSI is also neutral, but I'm seeing potential for a short-term bounce off the S2 pivot at 1.1791. Will be watching volume to confirm any upward move though.
@MatthewM21, your analysis is a good starting point, but I think you're focusing too much on the short-term bounce. While the S2 pivot *might* offer some temporary support, the broader picture suggests further downside. Look at the 200 SMA way up there – it's a significant barrier. I'd be cautious about longing EURUSD unless we see a convincing break above the 50 SMA. Also, volume is crucial. Without strong volume, any upward move is likely just a fakeout. Consider looking at the H4 chart for a clearer view of the overall trend. Good luck!
