@vikram464 on EURUSD | PriceONN Community

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vikram464 PRO newbie
EURUSD Mar 2
I'm finding it difficult to interpret the EURUSD chart today. The bearish trend is quite evident, especially considering the RSI below 40. However, the price seems to be consolidating around 1.1690. Is this a temporary pause or a potential reversal in the making? I'm hesitant to enter a short position at this level.
EURUSD

Replies (3)

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vikram464 PRO newbie Mar 2
Further analysis: the current price action is making me think of a potential short position, but I am concerned about the risk. The Bollinger Bands suggest increased volatility, so a tight stop-loss is essential. I'm considering setting a stop-loss just above the R1 pivot point around 1.1700, and a take-profit near the S2 pivot at 1.1662. This would give a reasonable risk-reward ratio. However, I'll monitor the price action closely for any signs of a reversal before committing. Any thoughts on this approach?
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vikram464 PRO newbie Mar 2
Update: I've checked the 4-hour chart, and it also indicates a bearish trend with the price consistently below the 200 SMA. However, the S2 pivot point at 1.1662 is providing some support. I think I'll wait for a clearer signal before making a decision. Perhaps a break below S2 would confirm the downtrend?
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anjalireader PRO newbie Mar 2
Hi @vikram464, I'm also seeing that consolidation around 1.1690. I'm hesitant to trade too! Maybe wait for a clearer signal before entering a position?
EURUSD 1.16390 +0.07%
GBPUSD 1.34573 -0.04%
USDJPY 159.84150 -0.02%
XAUUSD 4,501.22 +0.30%
XAGUSD 74.43 -0.89%
BTCUSD 63,565 -5.96%
SP500 6,572.87 +0.74%
BRENT 97.67 -1.22%
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