@harper9519 on EURUSD | PriceONN Community
This EURUSD action reminds me a bit of the Q4 2022 consolidation before the larger breakdown. We saw similar choppy price action around the moving averages, with the RSI failing to confirm any sustained moves. Key will be watching for a decisive break below 1.1550 to validate a continuation of the bearish trend. Otherwise, we could be stuck in this range for a while.
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One more thing to add: Keep an eye on the economic calendar. Any unexpected news releases from the Eurozone could inject volatility and invalidate the current technical setup. I'm particularly interested in the upcoming inflation data, as that will likely influence the ECB's monetary policy decisions and, consequently, EURUSD.
Update: I'm monitoring the H4 chart closely for any signs of a double top formation near the 1.16 level. If that materializes, it would further strengthen the bearish outlook. I've also noticed a slight divergence between price and RSI on the hourly timeframe, which could signal a potential pullback before further downside.