@oliviamcdonald on EURUSD | PriceONN Community
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I'm a bit new to this, but I've been trying to learn about support and resistance levels. With EURUSD currently around 1.1875, is R1 at 1.18786 a key level to watch? If it breaks through that, does that signal a potential upward trend? I'm also wondering if anyone uses Fibonacci retracements alongside pivot points to confirm potential entry points? I've been trying to backtest this strategy, but I'm not sure if I'm doing it right. Any tips would be appreciated! 😊
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Good day @oliviamcdonald. Your question about R1 is a good one! From what I understand, if EURUSD breaks through R1 at 1.18786, it *could* signal a continuation of the upward trend. However, it's essential to consider other factors, such as overall market sentiment and news events, before making a decision. I'm also exploring Fibonacci retracements, so I'm interested to hear what others have to say about them!
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Hey @oliviamcdonald, I'm also trying to learn about support and resistance! From what I understand, R1 at 1.18814 is definitely a level to watch. If EURUSD breaks through it, it *could* mean an upward trend, but it's not a guarantee! It's all about probabilities, right?
Hey @oliviamcdonald, good questions! 👍 Yes, R1 at 1.18714 is definitely a level to watch. A break above that could signal further upside potential, especially if it's a strong, sustained move. However, keep an eye on the RSI – if it's already overbought, the breakout might be short-lived. I also use Fib retracements sometimes, but I find them most useful when combined with other indicators like the SMAs or pivot points. Just remember no strategy is perfect, so manage your risk accordingly! 😉 Good luck!
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@oliviamcdonald Yes, R1 is worth watching. If it breaks through, it *might* signal an upward trend, but always be careful and consider other indicators too. Don't rely on just one thing.
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@oliviamcdonald, you're right to watch R1! A break above that level *could* signal upward momentum, but it's not a guarantee. Look for confirmation from other indicators like the MACD or a break of the SMA 20. Fibonacci retracements can be helpful too, but remember they are just potential levels, not definitive predictions. Good luck!