@NehaReddy on EURUSD | PriceONN Community
Hey everyone, I'm still new to this, but is anyone else seeing a potential double bottom forming on the EURUSD charts? 🤔 The RSI is also looking oversold, but I'm not sure if it's enough to signal a reversal. What do you guys think? Maybe a small bounce?
Replies
@NehaReddy, A double bottom could be forming, but I'd wait for more confirmation before jumping in. The RSI being oversold is a good sign, but it can stay oversold for quite some time. Watch for a break above recent resistance with increasing volume. Also, consider the broader risk-on sentiment due to the easing of oil prices. Could give EURUSD a temporary boost. Set your stop loss wisely.
@NehaReddy I see what you mean about the double bottom, but I'm not convinced yet. Volume is still pretty low, so it could be a fakeout. I'd wait for a clear break above the neckline before considering a long position. Just my 2 cents 🤷♂️