@painterJessica on EURUSD | PriceONN Community
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EURUSD is currently exhibiting bearish signals, trading below the 20, 50, and 200 SMAs. The price is hovering around 1.1832, and a break below S1 at 1.18294 could trigger further downside towards S2 at 1.18236. I'll be watching for confirmation of this breakdown before considering a short position. The RSI is neutral, but a continued downtrend could push it into oversold territory, potentially signaling a reversal.
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Update: A decisive break below 1.18294 with increasing volume would strengthen the bearish case. I'll be aiming for a TP near 1.1800 if the breakdown occurs.
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@painterJessica Your point about the S2 level is well-taken. A break below that could certainly accelerate the downward momentum. I'll be watching it too.
@painterJessica, I see what you're saying about the SMAs and the potential breakdown. I'm a bit hesitant to jump in short just yet, though. We've seen false breaks before, and the market could easily reverse. I'd want to see a solid close below S1 with increasing volume to confirm the move. Plus, I'm always wary of chasing the price, especially with EURUSD's tendency for whipsaws. What's your take on the overall market sentiment influencing this pair?