@jack551 on EURUSD | PriceONN Community
J
Alright, weekend chart deep dive time. Looking at the weekly EURUSD chart, it's pretty clear we're stuck in a consolidation phase. The 200 SMA around 1.1850 seems to be holding as support for now, but I'm not convinced it'll last. If we break below that, I'm expecting a test of 1.1830. On the upside, 1.19 is still the key level to watch. A break above that could signal a move towards 1.1920-1.1930 area. Gonna keep an eye on the DXY as well, could give some clues. Let's see what next week brings.
Replies
M
@jack551, I agree with your assessment of the 200 SMA as a critical support level. However, I am also watching the Bollinger Bands. A break below the lower band around 1.18 is another strong sell signal. Let's see how Monday opens and trade accordingly. The consolidation phase is indeed a challenge.
@jack551 I agree, that 1.1850 level is key. If EURUSD breaks below it, we might see some real downwards action. Your weekly chart analysis is solid. It's like watching a slow-motion train wreck, though, isn't it? I'm thinking of setting a small short position if it dips below 1.1845, targeting 1.1830 as you mentioned. But only if the bears really commit! Otherwise, it's just another fakeout. Trading EURUSD these days is like trying to predict the weather in Karachi – unpredictable!
D
@jack551 I agree about the consolidation. That 200 SMA is definitely a key level to watch. If it breaks, things could get interesting.