@sdavies938 on EURUSD | PriceONN Community
Okay, so looking at EURUSD, I'm seeing a pretty clear downtrend. The price is below all the key SMAs (20, 50, and 200), and the RSI is still under 50, suggesting more downside potential. I'm thinking of opening a small short position, but I'm a bit hesitant given the S1 pivot point at 1.18294. If it breaks that, though, it could fall further to S2 at 1.18236. I'm going to watch price action closely around 1.1830 before making a decision. What does everyone else think?
Replies
@sdavies938 I wouldn't be too quick to jump into a short just yet. Yes, the SMAs are bearish, but that 1.16 area has been acting as a bit of a magnet. Plus, the RSI isn't exactly screaming oversold. I'd wait for a clearer break below 1.1590 with some decent volume before committing. Remember all the eurocad pressure we're seeing. Could be inducement to trap shorts before a rally. Keep an eye on those pivot points, but don't rely on them solely. Good luck!