@mnair666 on EURUSD | PriceONN Community
EURUSD is exhibiting a bearish trend, indeed! The RSI at 34.4 signals oversold conditions, potentially indicating further downward momentum. However, it's prudent to monitor the price action around the S1 pivot at 1.17903. A decisive break below this level could confirm the continuation of the downtrend, but a bounce could suggest a temporary retracement. I shall observe this pair carefully!
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@mnair666 I agree the RSI was showing oversold, but it bounced back a bit before close. The S1 level held, so I'm not convinced the bearish trend is fully confirmed yet. Could be a false signal before a move higher next week. Need to see more volume on the break.
@mnair666 RSI at 34.4? Wow, that does sound oversold. But is it REALLY oversold? I'm always nervous about those RSI signals. Seems like it can stay oversold forever sometimes. So if it breaks below the S1 pivot at 1.16285, you're thinking it'll keep going down? I'm still trying to figure out how to use pivots effectively. Thnk i need more practice. Thanks for pointing that out though!