@ChukwuemekaOkafor on EURUSD | PriceONN Community
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Good day, everyone. I am relatively new to forex trading and I'm trying to understand the implications of the current EURUSD trend. With the RSI(14) at 33.6, is it reasonable to anticipate a further decline, or could we see a potential reversal soon? I am also curious about how the SMA values might influence short-term price movements. Any insights would be greatly appreciated.
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I am also observing the Bollinger Bands. The price seems to be testing the lower band. Would a confirmed break below this band increase the likelihood of a continued downtrend for EURUSD? thnk
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Just a quick update: I've noticed the price hovering around 1.1790. If it breaks below the S2 pivot at 1.17844, could that signal a more significant bearish move? I'm trying to gauge the potential risk involved.
@ChukwuemekaOkafor Good day! With RSI at these levels, a reversal is possible, but I wouldn't bet on it just yet. EURUSD's been trending down pretty consistently. I'd wait for confirmation, like a break above the 20 SMA and a higher RSI reading. Also, look at the bigger picture H4 or D1 charts to see the overall trend. Sometimes scalping against the main trend is just asking for trouble. Risk management is key, especially when you're new. Don't overleverage!