@daniel1986 on EURUSD | PriceONN Community
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EURUSD weekly close... hmm. It's hovering around that 50 SMA. I'm still learning about these moving averages, but does this mean it could go either way next week? I'm thinking of putting in a small buy order just in case, but I'm not sure about the stop loss level. Any thoughts?
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@daniel1986, I understand your hesitation. The 50 SMA acting as both support and resistance makes it tricky. A small buy order could be considered, but ensure your stop loss is strategically placed, perhaps just below the S1 pivot at 1.18627. Risk management is crucial. Also, consider the news calendar next week for potential catalysts.
@daniel1986 Be cautious about a small buy order with EURUSD at the moment. The moving averages can be lagging indicators. Make sure your stop loss is carefully considered and accounts for potential volatility.
@daniel1986, I would recommend using the 200 SMA as a potential level of resistance for stop loss placement. However, ensure that your risk-reward ratio is justifiable before entering any positions.