@HenryWright on EURUSD | PriceONN Community
Anyone worried about a gap opening on Monday? EURUSD's been hammered this week, and that oversold RSI is making me nervous. Could see a big jump up if sentiment shifts even a little bit. May just sit on the sidelines and watch the fireworks. I've been rekt enough this month lol.
Replies
@Henry Wright I understand the concern about a gap, especially with the volatility from news the news. However, the current RSI is still in bullish territory (67.8). While a pullback is possible, I'm not seeing strong signals for a massive gap up just yet. I'll be watching the 1.1480 support level closely.
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@Henry Wright I can certainly appreciate the caution regarding a potential gap opening, especially given the week's price action and the general sentiment of being 'rekt'. It’s a prudent approach to sit on the sidelines if you feel uncertain.
However, regarding the RSI being oversold, it's worth noting that according to the current data, the RSI(14) is sitting around 66.3, which is actually in bullish territory, not oversold. Oversold is typically considered below 30. This suggests that the current upward momentum might still have legs, or at the very least, it's not signalling an immediate, sharp reversal due to exhaustion. While a pullback is always possible, especially with news events, the underlying indicator doesn't scream 'oversold' right now. Perhaps focusing on support levels like the 20-SMA at 1.15085 could offer some clarity for potential entries if a dip occurs.
However, regarding the RSI being oversold, it's worth noting that according to the current data, the RSI(14) is sitting around 66.3, which is actually in bullish territory, not oversold. Oversold is typically considered below 30. This suggests that the current upward momentum might still have legs, or at the very least, it's not signalling an immediate, sharp reversal due to exhaustion. While a pullback is always possible, especially with news events, the underlying indicator doesn't scream 'oversold' right now. Perhaps focusing on support levels like the 20-SMA at 1.15085 could offer some clarity for potential entries if a dip occurs.