@kchopra783 on EURUSD | PriceONN Community

Update: I've been looking at the EURUSD chart more closely, and I'm noticing a potential descending triangle forming. If it breaks below the lower trendline, we could see a significant drop! I'm thinking of setting a tight SL just in case. What do you all think about this pattern? Also, how are you factoring in the news events this week? I'm a bit concerned about potential volatility. I'm also considering waiting for confirmation before entering a position. Any advice on confirming a breakout? Should I be looking at volume or other indicators?

@kchopra783 I agree with you, the signals are mixed right now. The bearish trend is strong, but the oversold RSI suggests a potential bounce. I'd be wary of going long until we see a clear break above the SMAs. Maybe wait for a pullback and then look for shorting opportunities? Just my two cents!

@kchopra783 Yeah, it's a tough call. I reckon smart money is playing it safe for now. Waiting for a clearer signal before committing heavily. I think patience is key this week!