@deepGlen1 on EURUSD | PriceONN Community
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This whole Iran situation is definitely making me rethink my EURUSD positions for next week. I was initially thinking of going long around that 1.1750 level, but with the Strait of Hormuz news causing oil to spike, who knows what the ripple effect will be on currencies. It could easily swing sentiment and cause a big gap open against me on Monday. I'm thinking of moving my stop loss on my existing short position closer to breakeven, just to be safe. Better to lock in a small win or cut losses than get caught in a massive overnight move. This market feels like it's on a knife-edge right now, and I don't want to be caught sleeping when it drops. Seriously considering staying out until we see clearer direction after the initial Monday rush.
Replies
Hey @deepGlen1, I saw your comment about the Iran situation affecting EURUSD. It's definitely a wildcard this weekend. While I get your caution, I'm looking at the charts and seeing the RSI hover around 38. That's pretty oversold territory on the H4, and if the geopolitical fears ease up even slightly by Monday morning, we could see a bounce. The 200 SMA is also sitting around 1.1730, which has acted as support before. I'm not going to go full margin long just yet, but I'm watching that 1.1750 area closely for a potential entry if things stabilize. The market might just be overreacting to the news for now, and a break back above 1.18 could happen if the dollar continues its slide, like @MScott65 mentioned.
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Hey @deepGlen1, I totally get why you're worried with all this Middle East stuff. That Strait of Hormuz news is wild, it's making oil prices go nuts and honestly, I'm not sure what it means for EURUSD. I was thinking of maybe going long too if it dipped to that 1.1750 area, but now... I don't know. It feels like the dollar is getting weaker with all the economic slowdown data they've been talking about, and that might help the euro. But then again, if things get really bad over there, people might just flee to the dollar as a safe haven, right? It's so confusing. I'm just a beginner though, so I'm trying to figure it all out.
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Hey @deepGlen1, I hear you on rethinking EURUSD positions because of the geopolitical stuff. It's making things super unpredictable. That Strait of Hormuz news is definitely a wild card, and I'm not sure how much it'll really impact the euro long-term versus just causing short-term jitters. I'm personally staying out of major new positions until things settle.