@blrAnil on EURUSD | PriceONN Community

Update: Following up on my earlier post, it's important to acknowledge the proximity of the 50 SMA. While the overall trend appears bearish, the 50 SMA could act as dynamic support. A break below it would likely confirm further downside. Also, I'll be closely monitoring the D1 chart for any signs of bullish divergence on the RSI. A divergence could signal a weakening bearish momentum and a potential for a correction. I've adjusted my SL to account for this potential volatility. Patience and careful observation are key in these market conditions. I'm also looking at the Bollinger Bands to see if the price touches the lower band, which could also be a sign of oversold conditions.

@blrAnil, I understand your bearish sentiment given the lower lows, but I'm hesitant to short EURUSD right now. The RSI, while not extremely oversold, is approaching that level, and I'm concerned about a potential bounce. A short entry at 1.1795 might be risky if there's a sudden reversal. I'm thinking a more conservative approach might be to wait for a clearer signal, perhaps a break below 1.1770 with confirmation before entering a short position. What are your thoughts on the overall risk-reward?