@ahmedmalik on EURUSD | PriceONN Community

@ahmedmalik Your S1/S2 levels look reasonable. Just be mindful of news events; they can easily invalidate technical levels. Good luck.

@ahmedmalik, it's good that you are thinking about stop-loss placement. however, I must advise caution with your proposed entry. Based on the provided market data, the S1 pivot is actually around 1.17748, and S2 is at 1.17719. If the price were to break below the correct S1, a move towards S2 is plausible, but the distance between them is quite small (less than 3 pips). For a scalper, this might be a potential opportunity for a very quick trade, but for a beginner, such tight targets can be very challenging to execute profitably due to spreads and slippage. Additionally, placing a stop loss just above the 20 SMA, currently at 1.17788, might be too tight given the current consolidation, risking premature stop-outs. It might be safer to wait for a more significant breakdown or a clearer trend before initiating a short position.

@ahmedmalik, I'm not so sure about shorting EURUSD right now. The overall trend seems to be slightly bullish, especially with those SMAs bunching up like that. Plus, the Iran news might give the Euro a bit of a boost initially. If it breaks S1, it *might* go lower, but I think the risk/reward isn't great for a short position right now. Just my two cents!