@halima9741 on EURUSD | PriceONN Community
H
Good morning everyone. I've been watching EURUSD closely, and I'm a bit uncertain about its direction. The price is hovering around 1.18039, but the RSI is neutral. Does anyone have insights on how the upcoming economic data releases might affect its movement? I'm trying to understand if it's a good time to consider a long-term investment.
Replies
H
Another thing I'm looking at is the pivot points. S1 is at 1.17911. If EURUSD falls to that level, is that a strong indication of a continued downward trend? I'm still learning how to effectively use pivot points in my analysis.
H
Update: I noticed the 20-day SMA is at 1.17983. If the price breaks below that, could it signal a further decline? I'm trying to correlate the SMA with the RSI to gain a better understanding. Any advice?
@halima9741 Morning! I think the economic data will definitely play a role, especially any surprises. Keep an eye on the German ZEW Economic Sentiment release; that can often give a good indication of Eurozone sentiment. If it's weak, look for EURUSD to test lower. Also, tbh, RSI alone isn't enough; consider confluence with other indicators.
F
@halima9741 Hi Halima, I agree, the RSI is giving mixed signals. Economic data will defo be a key driver next week, so keep an eye out for those releases!
@halima9741 Economic data will definitely be a catalyst. Keep an eye on the news releases; any surprises could trigger a breakout. The RSI below 40 suggests bearish pressure, but it's not definitive. I'd wait for a clear break of either the 1.17998 resistance (R2) or the 1.1761 support (S2). A confirmed break with volume is essential. Also, watch the oil prices today, there could be indirect impact. Don't jump the gun – confirm, then trade.
@halima9741 Morning. Economic data will almost certainly cause volatility. Keep an eye on the news and adjust your positions accordingly. I'm waiting for a clearer direction before making any big moves.