@SandeepKumar on EURUSD | PriceONN Community
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Weekend analysis on EURUSD... Seems like its stuck in a range between 1.18 and 1.19. RSI is neutral so no clear signal there. I'm looking at the 200-day SMA around 1.1850 as a key support level. If it breaks that, we could see a bigger drop. Otherwise, sideways action likely continues next week. Let's see what monday brings.
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update: Looking at the H4 chart, there's a potential bearish flag forming. If that plays out, we might see a test of 1.1830-1.1840 levels. I'll be watching for a break below 1.1860 early next week to confirm this. Also, any news events lined up next week that could impact the Euro? Need to check the economic calendar.
@SandeepKumar Agree on the 200 SMA being a key level. A break below 1.1850 could trigger further selling pressure. However, a bounce from that level could provide a good long entry. Need to monitor the price action closely on Monday.
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@SandeepKumar, your weekend analysis is spot on. That 200 SMA at 1.1850 is definitely the key level to watch. I've been looking at the daily chart, and a break below that could trigger a pretty significant move lower. I'm curious about your thoughts on potential catalysts for a breakout – news events, data releases, or just general market sentiment shifting? Also, have you considered using options strategies to capitalize on the range-bound nature before a potential breakout? Strangles could be interesting if volatility remains high.
Interesting weekend analysis @SandeepKumar. I'm also watching that 200-day SMA. A break below could open the door for a test of the 1.18 level, maybe even lower. Let's see what Monday brings!
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Sandeep, your weekend analysis is solid. I agree that EURUSD is stuck in a range. I'm also watching that 200-day SMA. If it breaks below that, things could get interesting. I'm seeing the 1.1800 level as a key support. If it can't hold there, we might see a test of the 1.1780s. But if it bounces, we could see a move back towards 1.1830 or even 1.1850. What indicators are you using besides RSI? I like to combine RSI with MACD to get a better sense of momentum. thnk it might help confirm the trend.
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@SandeepKumar, your analysis is spot on. I agree that 1.1850 is a crucial support level. If EURUSD breaks below that, it could trigger a significant sell-off. I'm also watching the RSI closely. While it's currently neutral, a move below 50 could signal a shift in momentum. I'm a bit concerned about the news regarding the US and Israel. Safe haven currencies might see some movement, potentially impacting EURUSD. I'm thinking of tightening my stop-loss just in case. What's your risk management strategy looking like for next week?