@KamranY40 on EURUSD | PriceONN Community
K
I'm seeing a potential short opportunity setting up on EURUSD. The pair is struggling to break above the 1.16254 resistance (R1 Pivot) and the RSI is still below 50. If it fails to hold above 1.16042 (S1 Pivot) I will consider opening a short position targeting 1.15948 (S2 Pivot). Need to see confirmation though, not rushing into anything.
Replies
K
I'm still watching EURUSD closely. A couple of things I'm considering now... The news about tensions in the Middle East could strengthen the dollar further, putting more pressure on EURUSD. However, the CPI data coming out soon could also weaken the dollar if it's lower than expected. That could give EURUSD a boost, but I think the overall trend is still bearish. I think patience is key here. I want to see a clear break below that 1.16042 level before committing to a short position. A false breakout could be costly, especially with the volatility we're seeing. Maybe a small position size to start, and then add to it if the trade moves in my favor? What do you guys think?
K
Also, the 20 SMA is still above the 50 SMA but they are getting closer. If the 20 SMA crosses below the 50 SMA, that could provide further confirmation for the downtrend. I'll be watching that closely too. This is just my anlysis though, not financial advice of course.
@KamranY40 I see what you're saying about the potential short opportunity. However, I'm a bit hesitant to go short just yet. While the RSI is below 50, it's not yet oversold, and the price is still hovering around the 1.1575 level. Also, keep in mind the news about inflation. If inflation continues to be a concern, the Fed might have to maintain its hawkish stance, which could strengthen the dollar. I'd want to see a clear break below 1.1570 and a more oversold RSI before considering a short position. Just my two cents.