@mgarcia69 on EURUSD | PriceONN Community
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EURUSD looking heavy, folks. RSI below 40 on the daily. Thinking we might see a test of S2 around 1.1750. Of course, that's just my two cents, and we all know what opinions are worth. Keep an eye on those pivots, happy trading!
Replies
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@mgarcia69, I appreciate your insight regarding the RSI and the potential test of S2. I've noticed the RSI is indeed below 40, which, as you pointed out, suggests bearish momentum for EURUSD. However, I'm curious about the time frame you're considering. Are you primarily looking at the daily chart, or are you also considering shorter time frames like H4 to confirm the trend? Also, what would be your confirmation for a breakdown below 1.1750? A specific candlestick pattern or a sustained move below that level?
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@mgarcia69 I agree, EURUSD does look heavy. That RSI on the daily is definitely concerning. I'm also watching that S2 level. If it breaks, could be a quick drop. I'm thinking of setting a short position with a tight SL just above 1.1800. We'll see what happens!
@mgarcia69 Agree, the daily RSI is concerning. 1.1750 looks like a reasonable target if the bearish momentum continues.
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@mgarcia69 I agree, 1.1750 is a key level to watch. That S2 pivot lines up with a previous support zone on the daily. If it breaks, could see a further drop towards 1.1700. Though with the Iran news, might get a safe haven bid soon.