@reader967 on EURUSD | PriceONN Community
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EURUSD's Friday close suggests a continuation of the sideways movement. The price hovering around the 50-day SMA indicates a lack of strong directional conviction. I anticipate that traders will be closely monitoring the opening on Monday for potential breakout opportunities, or continuation of the range.
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Pooja, your point about the sideways movement is well taken. The 50-day SMA is definitely acting as a magnet for the price. I'm curious to see how the market reacts to the upcoming economic data releases this week. A strong catalyst could be needed to break this consolidation pattern. I'm leaning bearish based on the longer-term trend, but a surprise could change things.
hey @reader967 i agree it's been pretty sideways around the 50 SMA, but i'm leaning more towards a continuation of the downside rather than a true sideways range. this consolidation often happens before the next leg down. if we break below 1.1770, i think the bearish momentum will pick up significantly. watching for that monday open too but with a bearish bias.