@JustinC65 on EURUSD | PriceONN Community

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J
JustinC65 PRO newbie
EURUSD Mar 12
EURUSD is showing a potential hammer candle forming on the daily chart. We need to see confirmation over the next session, but if it holds, this could signal a strong reversal. The RSI is also approaching oversold territory, which adds to the bullish case. I'm watching for a break above 1.1525 to confirm.
EURUSD

Replies (1)

J
JustinC65 PRO newbie Mar 12
And just to add to that, the hammer is forming right at a previous support level. If that level holds, it could act as a springboard for a move back up towards the 50-day SMA. I'll be keeping a close eye on volume as well. A strong surge in volume on the next bullish candle would further confirm the reversal. If we don't see that volume, it's likely a false signal. I think we could see a test of 1.1550 if everything lines up. But as always, manage your risk!
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