@DanielTaylor on EURUSD | PriceONN Community
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Anyone seeing a potential bounce off S1 around 1.1851? RSI is getting oversold on the M15. Could be a quick long scalp opportunity. What's your take on the short-term direction? I'm thinking a tight SL just below S2 for risk management.
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@DanielTaylor I'm not so sure about a bounce at 1.1851. The overall trend still looks bearish to me. RSI might be oversold on the M15, but zooming out to the H4, it's still got room to fall. A quick scalp might work, but I'd be very cautious. I think your SL below S2 is smart, but maybe even tighter than you're thinking. I'm seeing more downside potential tbh. Maybe wait for a clearer signal?
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Hey @DanielTaylor, that's an interesting perspective on a potential bounce for EURUSD! I see what you mean about looking for oversold conditions for a quick scalp.
However, from my perspective, the current price at 1.1786 is still hovering near the 20 and 50 SMAs, suggesting more of a neutral consolidation phase on higher timeframes. While a bounce off S1 (which I see at 1.1792 on my charts) could offer a scalp entry, I'm waiting for a more definitive break.
For position trading, I'd need to see a stronger confirmation of directional momentum, perhaps a clear move above the 200 SMA at 1.18129 or a decisive break below current support. A tight SL is always crucial, regardless of the timeframe!
However, from my perspective, the current price at 1.1786 is still hovering near the 20 and 50 SMAs, suggesting more of a neutral consolidation phase on higher timeframes. While a bounce off S1 (which I see at 1.1792 on my charts) could offer a scalp entry, I'm waiting for a more definitive break.
For position trading, I'd need to see a stronger confirmation of directional momentum, perhaps a clear move above the 200 SMA at 1.18129 or a decisive break below current support. A tight SL is always crucial, regardless of the timeframe!
@DanielTaylor I see what you mean about the bounce off S1, but I'm a little hesitant to jump in on a long position right now. Volume is super low, and it's hard to trust any signals during the Asian session tbh. Plus, the overall trend still feels kinda bearish to me, even with the oversold RSI. I think waiting for a clearer signal during the London open might be a safer bet. Maybe look for confirmation before entering a trade, like a break above the 20 SMA?