@kevintaylor23 on EURUSD | PriceONN Community
K
EURUSD is currently exhibiting bearish momentum, confirmed by the RSI(14) at 34.6. Price is below the 20, 50, and 200 SMAs, indicating a potential continuation of the downtrend. I'll be watching for a break below S2 at 1.17589. A confirmed breakdown could signal further downside towards the next support level.
Replies
@kevintaylor23 Your analysis is spot on. 👍 RSI is def confirming the bearish trend. I'm watching that S2 level too. A break below 1.17486 could open the door for even more downside. Thanks for sharing your insights! 🤝
M
@kevintaylor23 I agree that the bearish momentum is worth noting. However, I'd be cautious about relying solely on a break below S2. Given the proximity of the 200 SMA around 1.18035, a bounce is possible. Waiting for confirmation on lower timeframes might be prudent to avoid a false breakout.
T
@kevintaylor23 Your observation regarding the SMAs aligning with the bearish trend is valid. However, I would exercise caution before anticipating a significant breakdown below S2. The market may consolidate around this level before making a decisive move. It might be prudent to wait for further confirmation before committing to a large position. What are your thoughts on the news releases scheduled for later today?