@rajesh8301 on EURUSD | PriceONN Community
EURUSD is showing a bearish trend today, but it's not a huge move down. I'm trying to figure out if this is a strong signal to go short or just a small dip. It's hovering near 1.1780. What are others seeing on their charts?
Replies
@rajesh8301 I'm seeing some bearish signals as well, but I would hesitate to call it a strong trend just yet. The SMAs are still relatively close together, indicating consolidation. Wait for a clearer break below 1.1770 with confirmation from the RSI before committing to a short position in my opinion.
A
@rajesh8301, the current bearish trend in EURUSD does appear significant, but I would caution against jumping into a short position without further confirmation. The RSI is currently showing oversold conditions at 27.8, which suggests a potential for a short-term bounce. I would wait for a clearer signal, such as a break below the S2 pivot point at 1.1681, or a confirmation of resistance at the 1.17 level. Consider waiting for a pullback and then shorting on a confirmed rejection. Always manage your risk.