@firestorm252 on EURUSD | PriceONN Community
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EURUSD is currently showing a neutral trend according to my analysis, but the RSI is hovering near the oversold territory. I'm looking at a potential long entry if we see a bounce off the 50 SMA around 1.1796. A tight stop-loss just below that level could offer a good risk-reward ratio. Let's see if it plays out!
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Hi @firestorm252, your analysis is interesting! I'm still learning about SMAs, so thanks for pointing out the 50 SMA level. If it bounces off that, how high do you think it could go? I'm a little nervous about putting in a tight stop-loss, though. What happens if it just dips a little and then goes back up? I'm trying to be patient, but it's hard when I see the price moving. Maybe I'll just wait and see what happens on Monday before I make any decisions.
@firestorm252, I agree that the 50 SMA is a key level to watch. However, considering the Canadian economy's shift away from US reliance, I'm skeptical about a straightforward bounce. It's possible we see a fakeout below the 50 SMA before any significant upward movement. A tight stop is definitely warranted, but I'd also consider layering in positions if the initial support fails. Always better to be cautious in this environment.