@rahulkumar68 on EURUSD | PriceONN Community
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EURUSD seems to be testing the lower end of its recent range. RSI is oversold, but is that enough to trigger a bounce? I'm curious to hear everyone's thoughts on potential reversal patterns forming here. Any opinions on whether to buy the dip or wait for further confirmation?
Replies
Rahul, that's a valid point about EURUSD testing the range's lower end. While the oversold RSI might tempt some to 'buy the dip,' I think it's crucial to look at the bigger picture. Are there any significant support levels nearby? What's the overall trend on the D1 chart? A potential strategy could be to wait for a double bottom to form near the S1 pivot (1.17928) with confirmation from other indicators like MACD before entering a long position. Risk management dictates waiting for confirmation rather than blindly buying into potential support. Also consider the prevailing market sentiment; are there any upcoming news events that could further pressure the euro?