@ndavis955 on EURUSD | PriceONN Community
I'm observing a bearish trend in EURUSD, and I'm curious about other traders' perspectives on the potential for a sustained downward movement. Given the current price action near the 1.1847 level and the RSI dipping below 40, do you anticipate a further decline towards the S2 pivot point at 1.1846, or might we see a short-term correction upwards? I value any insights you might have.
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To further elaborate, I'm considering entering a short position if EURUSD fails to rebound above 1.1850 within the next few hours. A tight stop-loss order would be placed just above the R1 pivot at 1.1856 to manage risk. Has anyone else considered a similar strategy, or are you leaning towards a different approach based on your analysis?
Update: I'm also monitoring the 200 SMA, currently around 1.1854. A decisive break below this level could strengthen the bearish outlook. What are your thoughts on the significance of this SMA?
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@ndavis955, I'm also seeing some bearish signals. I'm wondering if that 1.1846 level will hold. It seems like a key point to watch. If it breaks, do you think we will see a quick drop, or will it be a slow grind down?