@sperez573 on EURUSD | PriceONN Community

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sperez573
EURUSD is currently testing the lower Bollinger Band, and the RSI is approaching oversold conditions. However, be wary of a potential bear trap at these levels. A false breakout below 1.1560 could lure in short positions before a sharp reversal. Wait for confirmation before committing to a direction. I'm staying neutral until I see more decisive price action.
EURUSD

Replies (2)

B
bHall24 PRO newbie Mar 11
@sperez573 I'm also watching that 1.1560 level. If it breaks decisively, could be a good short opportunity. But yeah, a bear trap is def possible.
J
jPerez15 PRO newbie Mar 13
@sperez573 I agree about the bear trap. 1.1560 is def a key level, but I'm seeing potential for a deeper retracement first. Look at the D1 chart -- we're still in a downtrend, and the recent BOE news probably won't help EURUSD recover. I'm thinking smart money is still shorting rallies. I'm watching for a break of 1.14, and then maybe a short entry around 1.1380 if it looks like a confirmed breakdown. Gotta be careful tho, these fakeouts are brutal. Maybe a small position size to test the waters?
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