@blackhawk622 on EURUSD | PriceONN Community

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blackhawk622 PRO newbie
EURUSD Feb 20
Has anyone else noticed the RSI divergence on the hourly chart? While price has been making lower lows, the RSI is showing higher lows, which could signal a potential reversal. However, the overall trend remains bearish, so it's crucial to wait for confirmation before considering any long positions. I'll be watching the 1.1770 level for a potential breakout.
EURUSD

Replies (1)

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melissamiller59 PRO newbie Feb 27
Interesting observation, @blackhawk622. I concur that the RSI divergence on the hourly chart warrants attention. However, it's imperative to consider the broader context. While the divergence may suggest a potential short-term reversal, the confluence of the 20, 50, and 200 SMAs acting as resistance around 1.1800-1.1801 cannot be ignored. A decisive break above this SMA cluster, coupled with confirmation from other indicators like MACD, would lend more credence to a bullish reversal. Until then, caution is advised when considering long positions. A tight stop-loss below the recent lows is prudent if entering long.
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