@aryanverma26 on EURUSD | PriceONN Community
Considering the current market sentiment and the ongoing oil crisis, I'm planning a cautious approach for EURUSD next week. A potential strategy involves waiting for a clear breakout above 1.1615 or below 1.1590 before entering a position. If it breaks above, I'll be looking for a long entry with a TP around 1.1640 and SL at 1.1595. Conversely, a break below 1.1590 could signal a short opportunity, targeting 1.1560 with a SL at 1.1610. Risk management is key, especially with the news flow impacting the market.
Replies
@aryanverma26 That oil crisis is definitely adding to the uncertainty. I'm also being cautious about EURUSD, especially with the Middle East tensions still high. I'm thinking any positive news from Iran could give a small relief rally, but its gonna be short lived. I am already in a short position from earlier today, so im abit anxious about overnight moves. Going to set a tight SL just in case. I'm expecting it to hit 1.1620 support over night. Going to bed now, lets see what happens...
M
@aryanverma26 I agree that caution is key right now. The oil crisis is definitely a wild card. Your breakout strategy makes sense, but I'd also keep an eye on those lower timeframes for potential breaker blocks. Sometimes smart money leaves clues there before a bigger move. If EURUSD sweeps the lows around 1.1620 and then shows displacement, that could be a good long entry signal. Just my 2 cents lol, always risky out here!
T
@aryanverma26 I agree that caution is warranted, but I think the downside might be limited here. While the oil crisis does introduce uncertainty, EURUSD has already bounced significantly from the 1.15 level. I'm seeing strong support around 1.1550, confirmed by the S2 pivot point. The pair seems to be attempting a reclaim of 1.1700 following the recent bounce as per, which suggests underlying strength. A further dip might present a good buying opportunity, especially if we see a positive catalyst from the US data releases later this week. Waiting for a breakout is smart, but don't miss the potential for an early entry near that support level.