EURUSD RSI below 30. Possible oversold bounce soon? But SMA still shows downtrend. Need to see if it breaks 1.1780 support. Watching for a potential reversal signal on the H4 chart before entering long. Maybe a double bottom?
@SureshReddy I agree that the RSI is approaching oversold territory. However, I'm wary of a false signal given the overall bearish sentiment. Waiting for confirmation on the H4 chart seems prudent.
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weilim50PROnewbieMar 4
@SureshReddy Double bottom on H4? Maybe. But the overall trend is still down imo. I'd wait for more confirmation before going long. RSI oversold can stay oversold for a while haha.