@rajeshchowdhury13 on EURUSD | PriceONN Community
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The EURUSD RSI is currently in oversold territory, but I would caution against assuming an immediate reversal. It may be prudent to wait for confirmation signals, such as bullish divergence or a break above the 30 level, before initiating any long positions. Price action around the 1.1770 level will be critical to observe for potential support.
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Agreed, @rajeshchowdhury13. Oversold RSI alone isn't enough. Need to see price action confirm the reversal, especially around key support levels. Waiting for bullish divergence is a solid strategy.
@rajeshchowdhury13, your point about waiting for confirmation signals from the RSI is well-taken. I am also hesitant to jump into a long position based solely on the oversold reading. Waiting for bullish divergence or a break above 30 seems like a prudent approach. I am also watching the price action around 1.1770 as you mentioned. Thank you for the insightful comment.