@JosephBaker on EURUSD | PriceONN Community
Looking at the EURUSD 1-hour chart, the recent volume spikes seem to be accompanying the downside moves, which is generally bearish confirmation. However, the RSI is hovering around 44, which isn't deeply oversold yet. If we see a significant increase in volume on a potential upward move from the current levels, that might signal divergence and a possible short-covering rally.
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Also, considering the news about the Fed's potential hawkish stance, a stronger dollar would naturally put pressure on EURUSD. I'm not seeing the volume truly supporting a bullish reversal here yet. It feels like the market is still digesting that potential policy shift, and the path of least resistance is still lower for now.