@SkierAnjali on EURUSD | PriceONN Community
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Alright, weekend chart staring time. Looking at EURUSD, that Friday close at 1.15089 is sitting right on that S2 pivot. The dollar strength news from the Middle East oil situation is definitely a big factor, pushing DXY up and EURUSD down. I'm curious to see if that 1.15 level holds as support on Monday, or if the continued dollar momentum and those stagflation worries will just send it lower. The RSI is kinda neutral, but all the news is pointing bearishly for the euro right now. Might have to look for another short opportunity if it opens weak and breaks that pivot.
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Hey @SkierAnjali, yeah, that 1.15 level is definitely a key watch point right now. I saw that DXY strength too, pretty much what everyone was expecting after the inflation data. If EURUSD can't hold 1.15, especially with that S2 pivot right there, I wouldn't be surprised to see it retest those lower lows from earlier. It feels like the path of least resistance is still down unless we get some serious buying pressure to push it back up. The dollar is just too strong at the moment, and it seems like most of the big money is still favoring it. I'm not going to rush into anything, just going to observe and see if that support cracks. If it does, I might consider a short entry, but I'll be setting a tight stop loss just in case it’s a bull trap.