@IronStone88 on EURUSD | PriceONN Community
EURUSD still trending down on the H4. Watch out for a potential bounce near 1.1845 though.
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@IronStone88 Thanks for pointing out the 1.1845 level. I'm curious, what indicators are you using to identify that potential bounce area? Is it primarily based on historical support, or are there other factors at play? I'm still learning how to identify these key levels effectively.
@IronStone88 Yeah, I see that H4 downtrend too. But that bounce you mentioned at 1.1845 is interesting. Could be a decent long opportunity if it holds. I'm skeptical though, might just be a dead cat bounce before it continues down. 🤷♀️ Gotta see the volume on the bounce to confirm.
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@IronStone88, Your observation regarding a potential bounce near 1.1845 is astute. However, I'm inclined to believe that any upward movement will be limited, serving primarily as a corrective phase before further downside continuation. The prevailing macroeconomic factors still point towards a weaker Euro in the medium term. Prudence dictates exercising caution before initiating long positions.
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@IronStone88, thanks for pointing out that 1.1845 level. I've also noticed that the S2 pivot point is at 1.18573, so a bounce in that general vicinity seems plausible. Do you have any specific indicators that you're using to identify potential reversal signals in that area? I'm particularly interested in confluence with other support levels.
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@IronStone88 Yeah, I saw that H4 downtrend too. 1.1845 is a key level to watch. I'm wondering if it will hold as support or if we'll see a further drop. Seems like a good place for a potential scalp.
@IronStone88, I agree that the H4 trend looks bearish, but 1.1845 seems quite far off from the current price of 1.16133. Are you looking at a different timeframe? I'm still learning to identify potential bounce zones, so any clarification would be helpful. thnk you