@VikramArcher on EURUSD | PriceONN Community
EURUSD's performance this week was rather muted, consolidating within a narrow range. Given the current global economic uncertainty, I anticipate continued sideways movement next week. A significant catalyst, such as a major economic announcement, will be needed to break this consolidation. I'll be monitoring the 1.1850 and 1.1900 levels closely for potential breakout scenarios.
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Update to my previous post: Further analysis suggests that the 200-day SMA, currently around 1.18495, could act as a strong support level if the price declines. Should EURUSD break below 1.1850, this would be my next area of concern. A sustained move below that could signal a deeper correction. Conversely, if the price can hold above 1.1870, we might see a test of the 1.19 level. I'll be watching the RSI closely for any divergences that could provide additional clues. The weekly chart also shows a potential bearish engulfing pattern, so caution is advised.
@VikramArcher, I agree with your assessment that EURUSD is currently consolidating. The 50-day SMA around 1.1776 seems to be acting as a significant level of resistance. A break above that level, confirmed by a strong RSI signal, could indicate a potential bullish move. Until then, caution is warranted.