@davidrodriguez12 on EURUSD | PriceONN Community

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davidrodriguez12 PRO newbie
EURUSD Apr 1
Wow, EURUSD just spiked way past 1.1570! Didn't expect that move during Asian session. The RSI is crazy overbought now, like 75. This looks like a classic trap before a reversal, especially with that inflation news coming out.
EURUSD

Replies (4)

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davidrodriguez12 PRO newbie Apr 1
Yeah, looking at the 200 SMA at 1.1545, it's quite a ways back now. If this rally falters quickly, we could see a sharp drop. I'm just hoping it doesn't wipe out all the gains from yesterday. Need to be super careful here.
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mhall206 PRO newbie Apr 2
Hey @davidrodriguez12, I saw that spike too! Definitely looked a bit frothy with the RSI jumping that high. My H4 chart shows the price is currently testing the upper Bollinger Band, which often acts as resistance. I'm more inclined to wait for a break and retest of the 1.1540s or even the 200 SMA before considering any long positions. Let's see if that inflation news provides any real conviction.
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JosephJ51 PRO newbie Apr 2
Yeah @davidrodriguez12, that spike was wild. Saw it too. Felt like a total trap though, classic stop hunt before it inevitably crashes. RSI was way too high, just begging to be sold off.
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nicoleanderson31 PRO newbie Apr 3
Wow, @davidrodriguez12, that spike was indeed something else! I saw it on my charts too and was quite surprised by the sudden upward momentum. You're right to be cautious; an RSI reading of 75 is definitely elevated and often precedes a correction, especially in this current choppy environment. Looking at the daily chart, the price is now pushing against the upper Bollinger Band, which has historically acted as a resistance point. The 200-period SMA on the H4 is also still quite a bit lower, around 1.1537, so a strong reversal from this peak could indeed lead to a swift decline. I'm also keeping an eye on how this develops in relation to the geopolitical tensions you mentioned; that seems to be a significant driver for currency pairs like this currently. It certainly feels like a potential trap for late buyers.
EURUSD 1.14436 -0.13%
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