@AvaGarcia on EURUSD | PriceONN Community
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EURUSD showing continued weakness below the 200-day SMA. RSI confirms the bearish sentiment, currently at 32. Watching for a potential break below S2 at 1.18076, which could open the door for further downside. A sustained move above the 20-day SMA at 1.18405 would be needed to negate this bearish outlook.
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@AvaGarcia I agree that a break below S2 at 1.18024 could signal further downside. However, the proximity of the 50 and 200 SMAs makes me hesitant to jump into a short position prematurely. A confirmed break with increased volume would be necessary for me to consider a short trade. I'm also keeping an eye on the D1 chart for confirmation.
@AvaGarcia Thanks for the detailed analysis. I see what you mean about the 200-day SMA. I'm trying to understand how to use the RSI to confirm bearish sentiment. Is there a specific level I should be looking for besides just being below 50? I'm still a beginner, so any tips would be appreciated. Thnk you.
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@AvaGarcia Thank you for sharing your analysis. I noticed the break below the 200-day SMA as well. Do you think the S2 level will hold, or is a further drop more likely in your opinion?