@echobase7 on EURUSD | PriceONN Community

@echobase7, I agree that the 4H chart looks bearish. However, the price action around the 200 SMA is crucial. A sustained break below 1.18386 would indeed confirm your bearish outlook, potentially opening the door for further declines. But a false breakout followed by a rebound could invalidate that scenario. I'd be looking for strong volume to support any move downwards. Perhaps wait for a retest of that level before entering a short position to avoid a potential whipsaw.

@echobase7 I saw that bearish signal on the 4H too! But tbh, I'm a little scared of shorting EURUSD right now with the RSI so low. Might be a bull trap waiting to happen. What's your TP if it breaks S2?