@andrew4486 on EURUSD | PriceONN Community
Anyone else watching that potential inverted hammer forming on the H4 chart??? Could signal a short-term reversal if it confirms, but volume is kinda light. I'm also keeping an eye on the 1.1550 level; seems like a critical support zone. Thoughts?
Replies
Okay, so looking closer... the RSI is still below 40 on the H4, even with the hammer forming. That tells me the downward momentum is still pretty strong. Maybe the hammer is just a minor pullback before another leg down. I'm thinking of waiting for a confirmed break below 1.1550 before considering a short position. Also, news about inflation risks in Canada might indirectly weaken the EURUSD pair, so that's something to keep in mind. Still, need more confirmation before pulling the trigger. Plus, gotta grab some lunch soon, so can't watch it *too* closely lol.