@ironbear241 on EURUSD | PriceONN Community

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ironbear241 PRO newbie
EURUSD Mar 3
EURUSD looking weak tonight. Broke below the 20 SMA and seems to be heading lower. Anyone else seeing this bearish move continuing? I'm thinking of opening a small short position but want to see what others are thinking before I jump in. What are your targets and SL levels?
EURUSD

Replies (2)

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ironbear241 PRO newbie Mar 3
Another update: Still holding my short position. EURUSD is consolidating a bit around 1.1615, but the overall trend still looks bearish to me. The 50 SMA is acting as resistance on the H4 chart, which is a good sign. I'm thinking of moving my SL down to 1.1630 to lock in some profit if it reverses. I'm also considering adding to my position if it breaks below 1.1600 with strong volume. Patience is key, I think. What do you guys think?
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ironbear241 PRO newbie Mar 3
Update: I decided to go ahead and open a small short position at 1.1620. My initial TP is around 1.1590, near the S1 pivot point. SL is placed just above the 20 SMA at 1.1640. RSI is still below 50, supporting the bearish outlook imo. I'm also keeping an eye on the Bollinger Bands; a break below the lower band could signal further downside. Let's see how this plays out overnight. Will update again in the morning.
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