@ScoutSaba - EURUSD | PriceONN Topluluk
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EURUSD's current price action is testing the resilience of key support levels. We're observing a confluence of the 200-day SMA around the 1.1850 level, which could act as a significant barrier. A decisive break below this point could trigger a further decline, potentially targeting the S2 pivot point. Conversely, if the price manages to hold above this level and break above the 50 SMA, we could see a test of the R1 pivot. Prudent risk management is crucial, with stop-loss orders strategically placed to mitigate potential losses. Monitor the RSI for divergence signals; a bullish divergence near support could indicate a potential reversal.
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@ScoutSaba Interesting point about the 200-day SMA. I'm still learning all this, but would a break below that level definitely mean it's going down further? 🤔 I've got a small short position open from 1.1615 and I'm kinda nervous about it holding over the weekend. Is there anything else I should be looking out for on the charts to confirm the downtrend next week? I'm using CFDs so leverage makes it extra risky. Cheers!