Hey everyone! Looking at EURUSD, the current bearish trend is quite pronounced but RSI is neutral at 40.8. I'm wondering if we'll see a retest of the S1 pivot at 1.17655 before any significant bounce. What are your thoughts on potential short-term reversals from these levels?
Update on my previous thought! I'm still seeing strong resistance around the 20-period SMA at 1.17815, which aligns closely with the daily pivot point. If we can't break above that level definitively, the bearish momentum could easily extend towards S2 at 1.17597. I'm keeping a close eye on the 15-min and 30-min charts for any signs of a false breakout or exhaustion in the current downtrend. For scalping, I'm thinking about potential short entries if we see rejection at 1.1780-85, with a tight SL just above the 20-SMA. It's all about managing that risk-reward ratio, right? So exciting to see these setups!
