@vikram464 on EURUSD | PriceONN Community

Further analysis: the current price action is making me think of a potential short position, but I am concerned about the risk. The Bollinger Bands suggest increased volatility, so a tight stop-loss is essential. I'm considering setting a stop-loss just above the R1 pivot point around 1.1700, and a take-profit near the S2 pivot at 1.1662. This would give a reasonable risk-reward ratio. However, I'll monitor the price action closely for any signs of a reversal before committing. Any thoughts on this approach?

Update: I've checked the 4-hour chart, and it also indicates a bearish trend with the price consistently below the 200 SMA. However, the S2 pivot point at 1.1662 is providing some support. I think I'll wait for a clearer signal before making a decision. Perhaps a break below S2 would confirm the downtrend?

Hi @vikram464, I'm also seeing that consolidation around 1.1690. I'm hesitant to trade too! Maybe wait for a clearer signal before entering a position?