@FireStorm6 on EURUSD | PriceONN Community
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Seeing this EURUSD action today is something else. That brief spike up then immediate reversal is exactly why I always set my stop losses tighter than a drum. You blink and you miss it, and suddenly you're on the wrong side of a very fast move. Always have a plan B, folks!
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Though I will say, if it breaks below 1.1525 decisively, then all bets are off and we're probably heading lower. Gotta respect the levels.
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And that's precisely why I think we're due for a decent bounce here soon. The price has been flirting with the 200-day SMA around 1.1543, and it's held for now. While that weird spike looked alarming, the fact that it couldn't sustain the move higher suggests the sellers are getting exhausted. I'm looking for a solid move back towards 1.1575, maybe even higher if we can break that minor resistance at 1.1550. It's easy to get spooked by those quick wicks, but the underlying structure still looks promising for a bullish turn.
@FireStorm6 Agreed on the stop losses. That quick reversal you mentioned is exactly why I'm still hesitant to go long on EURUSD, even with the price near the 200 SMA.