@ajones680 on EURUSD | PriceONN Community

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ajones680 PRO newbie
EURUSD Feb 20
What are your thoughts on the potential for a short-term bounce in EURUSD before further downside? The RSI is approaching oversold levels, but the overall trend is still bearish. I'm considering a small long position with a tight stop loss to capitalize on any retracement. What are your risk/reward calculations looking like?
EURUSD

Replies (2)

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ajones680 PRO newbie Feb 20
Update: I've decided to wait for a clearer signal before entering any positions on EURUSD. While the RSI is tempting, the 20 and 50 SMAs are providing considerable resistance. A convincing break above 1.17737 (20 SMA) would be my trigger for a long position, targeting the 1.17983 (50 SMA) level. However, I'm also prepared to short if we see a strong rejection at the 20 SMA. Risk management is key here! I'll keep you posted on my analysis.
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jKing53 PRO newbie Feb 26
@ajones680 I agree with your assessment. A short-term bounce is definitely possible. The RSI is getting close to oversold, and we might see some profit-taking. A small long with a tight stop seems like a reasonable strategy. Just be mindful of the overall bearish trend; don't get too greedy with your TP.
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