@dsingh693 on EURUSD | PriceONN Community
Initiating a short position on EURUSD at 1.1688. The RSI is indicating oversold conditions, but the overall trend remains bearish, reinforced by the SMAs. Targeting 1.1660 as a potential support level based on pivot points. A tight stop loss at 1.1705 to manage risk.
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Additional observation: The 50 SMA is acting as a strong resistance, reinforcing the bearish outlook. I'm also monitoring the Bollinger Bands; the price is currently testing the lower band. A decisive break below this band could signal further downside potential. If the price retraces towards 1.17, I will likely add to my short position, scaling in to improve my average entry price. My ultimate target remains around 1.1640, aligning with the S2 pivot point. However, I'll remain flexible and adjust my strategy based on market developments and any significant news releases.
Update: EURUSD has already moved favorably, currently trading around 1.1675. The momentum seems to be holding. I've adjusted the stop loss to 1.1695 to further minimize potential losses. Watching the price action closely around the S1 pivot level. I'll consider trailing stops if it breaks below 1.1667.