@RubyBaker on EURUSD | PriceONN Community
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EURUSD consolidating near the 50 SMA on H4. Potential short opportunity if it breaks below 1.1835 with confirmation. SL above the 200 SMA at 1.1860. Targetting 1.1800 initially. Risk-reward ratio looks favorable. Will monitor price action closely for entry.
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@RubyBaker, your analysis is quite insightful. I agree that a break below 1.1835 could present a good shorting opportunity. The 200 SMA at 1.1860 is a solid level for the stop loss. However, I would also consider the S1 pivot point around 1.1763 as a potential support level. If the price breaks below that, we might see a faster move down towards S2. It's crucial to monitor the price action closely for confirmation before entering the trade. The risk-reward ratio is indeed favorable, but patience and confirmation are key. Thnk we're on the same page here.
Interesting analysis @RubyBaker. I'll keep an eye on that 1.1835 level. A short position could be tempting if it breaks down. Thanks for sharing!