EURUSD showing weakness below the 50 SMA. RSI confirms bearish momentum, but is it enough for a sustained move lower? I'm looking at the pivot S1 as a potential support level. What are your thoughts on the short-term direction here? Any fundamental catalysts I might be missing?
Update: I'm considering a short position if EURUSD breaks below 1.1770, targeting 1.1740 initially. However, the overall risk sentiment is still unclear, and a risk-on move could easily push the pair higher. The ECB's upcoming statements will be crucial. A hawkish tone could invalidate the bearish setup. Also, watching the dollar index closely for confirmation. A stronger dollar would reinforce the short thesis. I’ll reassess near the US open, looking for confluence with economic data releases. Will keep everyone posted.
