@rajesh9339 on EURUSD | PriceONN Community
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Interesting close on Friday for EURUSD, just below 1.157. I'm seeing a potential bearish engulfing pattern forming on the H4 chart if we continue this downward momentum. This could signal a continuation of the current trend, especially if we dip below the pivot point at 1.15128.
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And looking at the RSI on the 1-hour chart, it's hovering around 40, which isn't extremely oversold yet, but it's certainly not showing strong bullish momentum either.
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Good point @rajesh9339, that bearish engulfing on H4 could be significant if we get follow-through below the pivot.
Rajesh, I'm looking at this EURUSD too. That bearish engulfing you mentioned on H4 definitely caught my eye, especially after that Friday close. I agree, it feels like there's downward pressure building. I'm watching that pivot point you mentioned closely. If it breaks below 1.15128, I might consider initiating a short position. My stop would be just above that R1 level at 1.16247 though, to give it a bit of room and avoid getting stopped out by minor fluctuations. It’s all about managing that risk to reward.