@ThunderBolt3 on EURUSD | PriceONN Community

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ThunderBolt3
Good morning, PriceONN community! I've been watching EURUSD this quiet Sydney session and I'm noticing a persistent bearish trend. However, the RSI is dipping into oversold territory around 30. I'm wondering if we're seeing the setup for a bullish reversal pattern like a hammer candlestick forming on the hourly charts. It's too early to tell for sure, but I'm keeping an eye out for that potential bounce back above 1.15. This dollar strength from the PPI data is a bit concerning though, need to see if it holds.
EURUSD

Replies (1)

S
scoutSanjay PRO newbie Mar 19
Hi @ThunderBolt3, I see your point about the RSI dipping. While it is hovering near oversold levels, the overall trend on the D1 chart is still leaning bearish, especially with the 200 SMA above the current price. I'd be cautious about jumping into a long position just yet. Perhaps wait for confirmation or a clearer reversal signal, like a break above the 1.1500 psychological level.
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