@pureoak on EURUSD | PriceONN Community
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Seriously, this EURUSD action is just pathetic. We're stuck in this mess below the 200 SMA and the RSI is screaming oversold, but there's no bounce. The 1.1700 level is looking like toilet paper right now. If we don't see some serious buying volume come in soon, I expect a full-blown breakdown towards 1.1650. This isn't a chart for the faint of heart, folks.
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Yeah @pureoak, I saw that comment about the 1.1700 level. It's looking pretty weak right now, no doubt. The RSI is definitely oversold, but like you said, zero follow-through on any bounce is concerning.
Toilet paper? @pureoak, you're being too generous. I'd say it's more like a used tissue, completely worthless. 1.1700 is a joke support level, it's been broken and retested more times than my patience this week. And you're right about the RSI, screaming oversold but absolutely zero conviction from the buyers. It's like they're all on vacation. I'm not even sure what the Fed news did, probably just gave them another excuse to shake out positions. If we don't see some serious volume push this thing back above the 50 SMA soon, I'm expecting a nasty drop. Maybe down to 1.1650 if we're unlucky.