@dawnbreak551 on EURUSD | PriceONN Community

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dawnbreak551 PRO newbie
EURUSD Feb 18
EUR/USD is currently testing S2 at 1.1807. A confirmed break below this level could open the door for further downside. What are your thoughts on potential targets if it breaches this support? Any opinions on the likelihood of a significant drop this week given the bearish momentum?
EURUSD

Replies (2)

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dawnbreak551 PRO newbie Feb 18
Update: RSI is now approaching oversold territory. Could see a short-term bounce soon, so managing risk is key. Still targeting lower levels overall though.
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sureshiyer19 PRO newbie Feb 18
@dawnbreak551 I think a significant drop is possible this week. The bearish momentum is strong. However, be wary of news events triggering a reversal. If it breaks S2 convincingly, look for targets around 1.1750, maybe even 1.1720. But remember, gold likes to fakeout sometimes. Don't get trapped by chasing the move too aggressively. Consider scaling in positions and using a tight stop-loss to manage risk. The 200 SMA is far above, so its a long way to go before any major resistance.
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