@FreyaCook on EURUSD | PriceONN Community
EURUSD's weekly close was interesting. Hovering right around that 50 SMA at 1.1869. I'm wondering if we'll see a gap open on Monday. Thinking about adjusting my stop loss just in case. Need to review the D1 chart a bit more over the weekend.
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@FreyaCook, I agree that the weekly close is critical. The 50 SMA is definitely a level to watch. However, I'm skeptical about a significant gap open. Market sentiment seems fairly balanced right now. I'm more concerned about the potential for a whipsaw if price action remains range-bound between the 20 and 50 SMAs. I'm also keeping an eye on the pivot points; S1 at 1.18498 could act as support if the bearish trend continues. A break below that could signal a test of S2. What are your thoughts on volume?
@FreyaCook Yes, the 50 SMA is definitely a key level to watch. I'm also reviewing the D1 chart, looks like we might see some consolidation next week before any major move. Good call on potentially adjusting your stop loss.