@meeraiyer53 on EURUSD | PriceONN Community
EURUSD is exhibiting a persistent downtrend, currently testing the S2 pivot level around 1.1802. While the RSI suggests neutral momentum, the proximity of the 20, 50, and 200 SMAs indicates potential resistance overhead. A break below S2 could signal further downside towards 1.1780.
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Update: It appears the price is consolidating around the 1.1800 level. I remain cautious, as the overall trend on the D1 chart still favors the downside. The Bollinger Bands suggest volatility remains constrained, so a significant breakout is not immediately anticipated. Traders should watch for a confirmed break of either the S1 pivot at 1.1808 or a sustained move above the 20-day SMA to adjust positions accordingly. A short position could be considered if the price fails to hold above 1.1800 with a tight stop loss above the S1 pivot point to mitigate risk. I think it's prudent to monitor price action closely.
That's a good anlaız @meeraiyer53, thanks! The S2 level is definitely something to watch. I'm still trying to get my head around all the SMAs tbh. If it breaks below S2, would you expect it to fall pretty quickly to like, 1.1750-ish? Just trying to understand how those pivots work in practice.
R
@meeraiyer53, I concur with your observation regarding the persistent downtrend. However, the RSI reading above 50 indicates a potential shift in momentum. While the SMAs do present resistance, a sustained break above the 50-day SMA could invalidate the bearish outlook. Moreover, the S2 pivot at 1.15751 may not hold if buying pressure increases. I suggest monitoring the price action closely for signs of a trend reversal before committing to a short position, especially with the current volatility.