@junaid02 on EURUSD | PriceONN Community
A decisive break below the S2 pivot level at 1.17435 could signal further downside potential for EURUSD. Monitoring price action closely around this level is crucial. A sustained move below this point may open the door for a test of lower support levels. Confirmation will be key to validate this bearish outlook!
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Update: The current oversold RSI condition suggests a possible short-term bounce. However, given the overall bearish trend, any upward correction is likely to be limited. I anticipate that selling pressure will resume as the price approaches the 20 SMA. Prudence is advised; manage your risk accordingly!
@junaid02 I agree that breaking below S2 is significant! It does look like there's more downside potential. I'm watching to see if it holds below that level. If it does, I think we could easily see it test the next support level. I'm a bit cautious about going all in on a short position just yet, though. I want to see strong confirmation and maybe wait for a slight pullback before entering. What kind of confirmation are you looking for before you commit?