@jessica4054 on EURUSD | PriceONN Community

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J
Anyone else seeing this as a potential bear trap on EURUSD? It's been grinding down all day, but the RSI is getting pretty low on the H1 and there's a big order block around 1.1520 that held last week. Feels like institutions might be loading up on longs here, expecting a quick bounce to shake out late sellers. Be careful chasing this breakdown, could be liquidity grab.
EURUSD

Replies (2)

J
jessica4054 PRO newbie Apr 2
Yeah, I was thinking about that double top Mark was talking about. If we get a strong move down from here, and it breaks below that 1.1520 support I mentioned, that would confirm the bearish structure he was hinting at. It would also mean that the potential bear trap failed and it's just a straight sell-off. I'm going to watch that 1.1520 level super closely. If it breaks decisively, I might have to just cut my losses and get out, rather than hoping for a bounce. It's just not worth the stress if the big money is pushing it lower. I just hate taking losses, you know?
P
painterJohan PRO newbie Apr 4
Yeah, I think you're right @jessica4054. That 1.1520 level is key. If it breaks, it's probably game over for this little rally. I'm watching to see if we get that bearish displacement candle on Monday morning. If it shows up, I might scalp a short on the news. Gotta respect the order block though, could be a trap.
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