@kpatel494 on EURUSD | PriceONN Community
Given the neutral trend and the current price hovering around 1.1867, I'm a bit concerned about a potential gap opening on Monday. With the market closed over the weekend, any significant news could trigger a substantial price movement. I'll be closely monitoring the pre-market indicators to gauge the risk and adjust my strategy accordingly. Hope it doesn't gap down too much!
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Update: Thinking about it more, the gap risk might be amplified by the fact that we're sitting almost exactly between the 20 and 50 SMAs. This indecision could mean that any strong catalyst will really push the price. I'll probably reduce my position size slightly as a precaution. Better safe than sorry, especially with EURUSD's history of surprising moves.
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@kpatel494, I concur with your concerns regarding the potential gap opening. The neutral trend, as indicated by the RSI around 54, doesn't provide a clear directional bias, exacerbating the risk. I'm particularly wary of surprise announcements over the weekend, which could significantly impact EURUSD. I'll be assessing the correlation between EURUSD and other currency pairs to gauge overall market sentiment before making any decisions. Furthermore, I plan to review the COT report to understand the positioning of large institutional players. Prudence is key in these uncertain times.
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@kpatel494, your concern about a gap opening is valid. Weekend news can certainly throw a wrench in the works. I'd add that the current geopolitical landscape adds another layer of uncertainty. Monitoring pre-market indicators is crucial, but also consider hedging strategies to mitigate potential losses if the gap moves against your position. A diversified approach is always best, especially with EURUSD's volatility! I'm also watching bond yields; they could heavily influence the Euro's strength upon market open.
@kpatel494 I agree, the potential gap is a big concern especially with EURUSD. I've seen it happen before where a small news item causes a huge spike. I'm watching the SMA 200 on the D1 chart which is around 1.17456, if it breaks above that, we might see a continuation upwards. Pre-market indicators are key, RSI is still neutral tho. I'm thinking of setting up some alerts around 1.1650 just in case we get a surprise breakout. Def don't want to get caught on the wrong side of that gap!