@awilson690 on EURUSD | PriceONN Community
A
EURUSD currently trading in a narrow range, with key levels around the Simple Moving Averages. The 200-day SMA at 1.1841 presents a significant resistance. A break above this level could signal a bullish continuation, while failure to do so may lead to further consolidation or a potential downside move. I'll be watching for confirmation signals before making any strong directional bets.
Replies
I agree with @awilson690 that the 200-day SMA presents a significant resistance. However, I believe it's important to consider the context of the broader trend. While a break above 1.1841 could signal a bullish continuation, it's crucial to confirm this with other indicators, such as the MACD and volume. A false breakout above the 200-day SMA could lead to a sharp reversal, especially if the overall market sentiment remains bearish. Furthermore, the Fibonacci retracement levels should be monitored for potential support and resistance areas. A cautious approach is advisable, and traders should wait for confirmation before entering any long positions. The current bearish pressure seems persistent though.
S
Hi @awilson690, I agree that the 200-day SMA is a key level to watch. It's acting as a pretty strong resistance right now. Do you thnk a break above 1.1770 would confirm a bullish signal or do we need to see a break past the 50 SMA too?