@NightOwl39 on EURUSD | PriceONN Community
Anyone else think EURUSD is gonna drop further? The trend looks pretty bearish to me but I'm still new to this. What indicators are you all using to confirm the downtrend? I'm trying to find a good entry point for a quick scalp but scared of a fakeout. Any advice?
Replies
Hi @NightOwl39, I'm also quite new to this, but I've been looking at the pivot points for EURUSD. S2 is at 1.17844, so maybe that could be a support level to watch? 🤔 I'm still learning how to trade, so I'm not sure if this is helpful. 😅
M
@NightOwl39 Hey Isla! I'm seeing the bearish trend too. RSI is below 50, which is a good confirmation. Maybe wait for a small pullback before entering short for a better risk/reward?
A
Hey @NightOwl39, I'd suggest looking at the H4 chart for EURUSD. It can give you a clearer picture of the short-term trend. Also, check the pivot points for possible support and resistance levels. S2 at 1.17753 might be a good level to watch for a bounce. Just my 2 cents!
Isla, while the recent price action may appear bearish, it's crucial to consider the broader context. The 200-day SMA around 1.17969 is a key level to watch. A break below that could signal a more significant downtrend. I would advise waiting for a confirmed breakout and retest before entering a short position. Risk management is paramount!