@PreetiSinha on EURUSD | PriceONN Community

Update: After reviewing the daily chart, the downward trend seems more established than I initially thought. The SMA 200 is holding pretty firm as resistance. I'm considering adjusting my strategy to a short-term sell position if it rebounds to around 1.1690, targeting 1.1660 as a potential take profit level. However, I'm going to wait for confirmation from the RSI; if it continues to dip below 40, that would be a strong signal. Risk management is key, so I'll set a tight stop loss just above the 1.1700 level. Let's see how it plays out.

@PreetiSinha I understand your frustration. That bearish engulfing is indeed concerning. However, consider the overall trend on the daily chart. Are we seeing a potential bounce from a significant support level? Perhaps waiting for confirmation before making any drastic moves might be prudent. A break below 1.1580 would certainly warrant a more bearish outlook, but until then, I'd be cautious about overreacting to the hourly chart alone. Risk management is key in these volatile conditions.