@krobinson911 on EURUSD | PriceONN Community
EURUSD is presenting a compelling short opportunity! The RSI(14) is at 35.4, indicating oversold conditions, yet the overall trend remains bearish. I'm anticipating a continued move downward, targeting the S2 pivot point at 1.1747 as an initial profit target. A break below this level could signal further downside potential!
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Update: I've initiated a short position at 1.1753 with a stop-loss just above the 20 SMA, around 1.1768 to manage risk. Monitoring the price action closely, especially around the S1 pivot at 1.17497. If EURUSD shows signs of reversal, I'll adjust my SL accordingly. Let's see how this plays out!
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While I acknowledge the oversold RSI, @krobinson911, I'm hesitant to jump into a short position just yet. The price is currently hovering around the 50 SMA, which is acting as a strong support. A confirmed break below this level, coupled with bearish confirmation from other indicators, would give me more confidence in a short trade. I'm also concerned about the potential for a false breakout, as the market has been quite choppy lately. I'll be waiting for further confirmation before entering any new positions. It's important to consider the overall market context before relying solely on the RSI.