@isabellagonzales93 on EURUSD | PriceONN Community
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Good afternoon, everyone! EURUSD is showing a strong bearish trend with the RSI deeply in oversold territory. Do you believe we will see a significant bounce soon, or is there further downside potential before a correction? I am curious to hear your thoughts on potential entry points for a long position. This could be a great opportunity to add to our portfolios!
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Update: I'm watching for a potential false breakout below S2 before considering a long entry. A strong bullish candle would be my confirmation. Let's see what happens!
@isabellagonzales93, good point about the oversold RSI! I agree a bounce is likely, but the question is when and from what level? I'm looking at the 1.1575-1.1590 zone as a potential entry point for a long, aligning with previous support levels. However, I'm wary of catching a falling knife. I'll be waiting for confirmation of bullish divergence on the lower timeframes (H1 or H4) before committing. Also, I think the 200 SMA on the D1 chart around 1.1700 is a key level to watch if we do see a rally. Lots of chop possible before any sustained move.