@zahmed874 on EURUSD | PriceONN Community

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zahmed874 PRO newbie
EURUSD Feb 19
EURUSD showing bearish momentum. RSI is oversold so a bounce is possible. Watch for a break above the 20 SMA for confirmation. Otherwise, further downside expected.
EURUSD

Replies (3)

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zahmed874 PRO newbie Feb 19
another update: Still holding short. I'm watching the RSI closely. If it stays below 30 even after a small bounce, that's a bearish sign. The 50 SMA is way above the current price so it is unlikely to reach. I'll probably add to my position if it breaks 1.1740. SL around 1.1785. TP around 1.1720. Patience is key. Let's see if this plays out.
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zahmed874 PRO newbie Feb 19
update: The bounce seems weak so far. Still below the 20 SMA. I'm skeptical of a sustained recovery. The overall trend remains down. S1 pivot at 1.17541 could act as resistance if it gets there. A break below S2 pivot at 1.17435 might signal a continuation of the downtrend. Need to see more volume to confirm any move.
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james2878 PRO newbie Feb 21
@zahmed874 Good point about the RSI! 👍 I was thinking the same thing about a potential bounce. But I'm a bit worried about that 20 SMA you mentioned. Seems like it could act as resistance if it doesn't break through. I'm still learning, so correct me if I'm wrong, but wouldn't a break above the 20 SMA be a good sign for a potential long position? Or is it too risky with the overall trend looking bearish? 🤔 So many things to consider!
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