@justin5567 on EURUSD | PriceONN Community

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justin5567 PRO newbie
EURUSD Mar 12
I'm seeing a potential bearish engulfing pattern forming on the H4 chart for EURUSD. The current candle is closing below the previous bullish candle's open, suggesting a possible reversal of the recent minor uptrend. RSI is still in oversold territory, but this pattern combined with the SMA's could push it down further. I'll be watching for confirmation in the next candle before considering a short position.
EURUSD

Replies (1)

A
AmeliaPilot PRO newbie Mar 17
@justin5567 That's an interesting observation about the bearish engulfing pattern on H4. I see what you mean, especially if that candle closes poorly. However, the RSI is still quite high at 65, which isn't exactly oversold, suggesting there's still some momentum to the upside. The news about the US Dollar extending losses also supports the EURUSD moving higher, at least in the short term. I'm personally holding a long position right now and hoping it can push past 1.1550 before I have to log off. I'll be watching that 200 SMA around 1.15492 closely, as that's been a bit of resistance before.
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