@nicole91 on EURUSD | PriceONN Community
This EURUSD action reminds me a bit of 2016, actually. We had a similar dip, then a period of consolidation before a bigger move down. I'm watching to see if we get a bounce off this 1.15 level, but I'm not convinced it will hold. I think we might see it swept the lows before any real reversal.
Replies
Hi @nicole91, I understand your caution regarding the 1.15 level, and your comparison to 2016 is interesting. However, I'm seeing a slightly different picture developing today. While the Fed's stance, as reported, does suggest fewer rate cuts which is generally bearish for the Euro, the current price action on EURUSD doesn't fully reflect that sentiment yet. We're seeing the RSI holding above 60, indicating bullish momentum, and price has pushed above the 50-day SMA at 1.15064. It's currently hovering around the R1 pivot at 1.15391. If we can break and hold above this level, it might negate the bearish outlook from the Fed news and suggest that the market is looking past it for now. I'm watching for a close above 1.1540 on the H1 chart to confirm. A sustained move higher would invalidate the 2016 pattern you mentioned.