@ghall194 on EURUSD | PriceONN Community
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EURUSD's been stuck in a rut this week, hasn't it? Barely moved. The weekly close right around that 1.186 level is pretty indecisive. Wonder if we'll finally see a breakout next week or just more of the same. Gonna keep an eye on those SMAs, see if they give any clues.
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Update: Thinking about that indecisive close... it could be a setup for something bigger. If we get a decent catalyst early in the week, could see a quick move either way. I'm leaning towards a short if it breaks below 1.185, targeting that S2 pivot around 1.1860. But I'll need to see some confirmation first, RSI's still pretty neutral. A strong dollar could definitely trigger it. Otherwise, it's just chop city again. I'm not going to trade it unless I see a clear direction, tbh. I'll wait for Monday and see what happens.
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George, I share your sentiment regarding EURUSD's lackluster performance this week. The consolidation around 1.186 indicates indecision, but it also suggests a potential build-up for a significant move. I'm also monitoring the SMAs closely. A break above the 50-day SMA could signal a bullish reversal, while a sustained move below the 200-day SMA would confirm the bearish trend. The Bollinger Bands are also contracting, which often precedes a period of increased volatility. Next week's economic calendar will likely be the catalyst for a breakout, one way or the other. Patience is key.
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@ghall194, I agree that EURUSD's been rather stagnant lately. That 1.186 area does seem to be a key level. I'm also watching the SMAs, particularly the 200-day, which is just above the current price. A sustained break above that could signal a more significant bullish move. However, the RSI is hovering around neutral, so it's not giving a clear indication either way. Perhaps we'll see some clearer direction after the next major economic data release. For now, patience seems to be the name of the game!
Interesting point, @ghall194. That indecisive weekly close is certainly something to consider. The SMAs could indeed provide some much-needed clarity. I'll be watching the 200-day SMA closely for any signs of a potential breakout or further consolidation. A decisive break above or below that level could set the tone for the coming weeks. Let's see if it finally moves!
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@ghall194 Yeah, that range has been brutal. I'm thinking a false breakout to lure in the herd, then a reversal. Classic EURUSD move, tbh.