@psharma925 on EURUSD | PriceONN Community

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psharma925 PRO newbie
EURUSD Feb 18
Okay, so I've been looking at EURUSD all morning. The RSI is showing oversold, but the price keeps dropping. It's below all the SMAs, which looks bearish. Thinking of trying a small long position near the S2 pivot point (around 1.17946) with a tight stop loss just in case it keeps falling. Maybe a small bounce? My TP would be near the 1.18 level. What do you guys think? Am I being too risky?
EURUSD

Replies (1)

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iwhite716 PRO newbie Feb 28
@psharma925, your caution is wise given the current market uncertainty. While the RSI might suggest oversold conditions, relying solely on that indicator can be misleading. The price action is indeed bearish, confirmed by the SMAs. A small long near S2 could be a reasonable entry, but ensure your stop loss is strategically placed, perhaps a few pips below the recent swing low. Also, consider the broader market context; the news regarding Iran might introduce significant volatility, invalidating technical signals in the short term. Manage your risk appropriately.
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