@gopal_d19 on EURUSD | PriceONN Community
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EURUSD is currently trading below all major SMAs (20, 50, and 200). This bearish signal is quite strong. I'm observing a potential descending triangle forming on the H4 chart, with support around 1.1700. A break below this level could trigger a further decline towards S2 pivot at 1.16863. However, the RSI is also nearing oversold conditions, so a short-term bounce is possible. I'll be watching the price action closely around 1.1700 for confirmation before entering any positions. Cautious optimism is key here! A close above 1.17315 would negate the short idea.