Seeing a potential bearish engulfing pattern forming on the H4 chart. Could signal further downside movement for EURUSD if it confirms. Watching closely.
Hi @priyasharma55, thanks for pointing out the bearish engulfing pattern! I'm still learning about chart patterns, so this is really helpful. I'm also seeing that the 200-day SMA is acting as resistance around 1.167, which could further confirm the bearish signal. I'm a bit hesitant to short just yet though, as the RSI is still above 50. What are your thoughts on the RSI? Do you usually wait for it to be oversold before entering a short position?