@OmarFarooq on EURUSD | PriceONN Community
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Thinking of a possible short setup on EURUSD. If it hits 1.1870, I might enter with a tight stop loss around 1.1875. Target would be 1.1850 initially, then maybe 1.1830 if the momentum is strong. The rejection at 1.19 earlier in the week gives me some confidence. But, I'm a bit worried about the 200 SMA at 1.1850 acting as support. Gotta watch out for that. This is just a plan, need to see how it behaves. Any thoughts?
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@OmarFarooq I think your short setup is reasonable, but 1.1870 might be a bit ambitious given the current volatility. The 200 SMA is definitely a resistance to watch. Maybe consider scaling into the position if it hits 1.1865 instead? Also, keep an eye on the D1 chart, it could give you some clues about overall momentum. Good luck with the trade!
Hello @OmarFarooq, your short setup sounds reasonable given the recent rejection at 1.19. However, consider the S2 pivot point around 1.17973 as a potential support level, which could impact your target. Ensure your stop loss adequately accounts for unexpected volatility around this price.
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@OmarFarooq Interesting short setup idea. Keep an eye on the support around 1.1800 though; it could act as a strong bounce point. Good luck with your trade!