@hking508 on EURUSD | PriceONN Community
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EURUSD is currently exhibiting bearish signals, with the RSI(14) at 36 indicating oversold conditions, but still trending downwards. The price action remains below the 20, 50, and 200 SMAs, reinforcing the downtrend. Prudent risk management is advised; consider monitoring price action near the S1 pivot level at 1.1839 for potential short-term support.
Replies
@hking508 Thanks for the analysis. I agree, the bearish signals are quite strong. I'm just a bit worried about a potential bounce near the S1 level as well.
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@hking508, I appreciate your detailed analysis! I agree that the price action below the SMAs suggests a downtrend. However, the RSI at 36 might indicate that it's getting close to being oversold, potentially leading to a short-term bounce. I'm also watching the S1 pivot point, but I'm hesitant to jump into a short position right away. I think waiting for a confirmation of further downside momentum would be a safer approach. Risk management is definitely crucial in this market environment! What are your thoughts on the potential for a temporary pullback before the downtrend continues?