@PriyaSharma on EURUSD | PriceONN Community
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EURUSD showing significant bearish momentum today. The break below S1 suggests further downside potential. I'm watching for confirmation at S2 around 1.1807. A sustained move below that level could open the door for a test of lower supports! Keep an eye on the RSI; it's currently quite oversold.
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@PriyaSharma Good call on the S2 level! I agree that a sustained break below 1.17635 would likely lead to further declines. The bearish momentum is definitely strong right now.
@PriyaSharma I agree, the break below S1 was definitely a bearish signal. I was watching that level closely too. But RSI being oversold makes me a bit cautious about going all-in on a short position. It could bounce back up pretty quickly. I'm thinking of waiting for a retest of the 1.1790 area before considering any further entries. Maybe even look at the H4 chart for some confirmation signals. What's your take on the longer-term trend?
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@PriyaSharma, I agree with your assessment of the bearish momentum. The S2 level at 1.18125 will be crucial. However, I'm hesitant to go all-in on a short position just yet. The RSI being oversold might indicate a potential short-term bounce before any further decline. I'm looking for confirmation from other indicators, perhaps a bearish crossover on the MACD, before committing to a larger position. What are your thoughts on the potential impact of the news from Iran on EURUSD?