Euro / U.S. DollarUpdated RSI Oversold Buy the Bounce R/R: 2.44 [EUR/USD]
Looks like we may have fallen out of a continuation pattern, but we have just hit a trend line and the rsi is at an extreme oversold level~ this leads me to believe we will see some movement back up to the support line of the triangle before further rejection.
I believe this is called catching the knife ~ europe style.
This is NOT a buy OR a sell signal. I'm not a financial adviser and nothing I say is a fact, any losses made through these decisions do not hold me accountable and you should never invest more than you're willing to lose.
If you liked this short post, be sure to follow and like. It really helps out :D
~Xander
I believe this is called catching the knife ~ europe style.
This is NOT a buy OR a sell signal. I'm not a financial adviser and nothing I say is a fact, any losses made through these decisions do not hold me accountable and you should never invest more than you're willing to lose.
If you liked this short post, be sure to follow and like. It really helps out :D
~Xander
Trade active
Fine to take some profits here- this is a potential area of resistance given this was where the bounce was on the way down. A rejection here will send us back further down to the fib line.Note
I believe this is the trade over! The horizontal resistance proved too strong. Not bad- ended up being about 2 r/r.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.