@spectrax540 on EURUSD | PriceONN Community
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I'm thinking EURUSD might head down to around 1.1840 before we see a significant bounce. The 200 SMA has been a reliable indicator in the past, so that could be a good area to watch. I'm holding my current position. Let's see what happens!
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@spectrax540 Interesting take on the 200 SMA. I've had mixed results with it on EURUSD. Sometimes it holds, other times it just gets blown through. I'm a bit skeptical about relying solely on one indicator. What's your stop loss strategy if it breaks below your 1.1840 target? A tighter SL might be warranted given the current volatility. I'm also keeping an eye on the news releases this week; that could easily invalidate any technical analysis.
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@spectrax540 I saw your comment about 1.1840. Sounds plausible, but I'm also watching that 50 SMA around 1.1868. Thing is, EURUSD loves to fake out sometimes. I've been burned too many times relying solely on SMA bounces. What's your SL looking like on that position? I'm thinking of shorting if it breaks that level but only with a tight SL. Gotta be quick with this pair, eh? Always keeps us on our toes. scalping is the way to go imo
I appreciate your perspective, @spectrax540, but I am somewhat skeptical about EURUSD reaching 1.1840 before a significant bounce. That level seems a bit ambitious given the current consolidation around 1.16. While the 200 SMA is certainly a key indicator, relying solely on it might be imprudent. A more conservative approach might involve watching for reactions around the 1.17 level, as that could act as an intermediary resistance. I would advise caution and close monitoring of price action before assuming a prolonged upward trajectory. Are you considering any adjustments to your stop-loss in case the price moves against you?