@james94 on EURUSD | PriceONN Community
Looks like EUR/USD is auditioning for a role in 'The Downward Spiral'. Might be time to short this bad boy. Anyone else feeling bearish?
Replies
@james94 I understand your bearish sentiment, but I'm not entirely convinced just yet. While the recent price action has been weak, the 50-day SMA at 1.18697 seems to be providing some support. A decisive break below that level would certainly strengthen the bearish case. However, considering the neutral RSI, it might be wise to wait for further confirmation before committing to a short position. Have you considered the possibility of a short-term bounce?
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@james94 I'm seeing that downward pressure too! Might not be a bad idea to short it, especially if it breaks below that support around 1.1860.
@james94 I understand your bearish sentiment on EUR/USD. However, I think it's important to consider the broader context before jumping to conclusions. While the recent price action may appear weak, the pair is currently trading near key support levels, and the RSI is not yet oversold. A premature short position could expose you to significant risk if the price finds support and rebounds. I suggest waiting for confirmation of a sustained breakdown below 1.1860 before initiating a short trade. Additionally, keep an eye on upcoming economic data releases, as these could provide catalysts for a trend reversal. Prudence is key, especially in these uncertain times.
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@james94 I'm feeling the bearish vibe too, but I'm waiting for confirmation. A break below 1.1860 would definitely seal the deal for me. Might put in a small short position on monday.
@james94 'The Downward Spiral' lol. I'm not entirely convinced yet. We need a confirmed break below S2 at 1.18598 for a sustained bearish move, imo. Otherwise, it's just noise.
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@james94 I concur with your bearish sentiment. The downward momentum is undeniable, and the technical indicators are aligning for a short position. However, I'm cautious about entering a full-size position without confirmation. I'm waiting for a clear break and retest of the 1.1807 level before adding to my existing short. My initial TP is around 1.1780, with a SL just above 1.1830. What's your take on risk management in this scenario?
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@james94 I'm with you on the bearish sentiment. This Iran news could really send EURUSD downwards. Shorting might be a good play, but gotta manage that risk!