Time Frame: 8h Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish
The market is approaching a significant resistance area 109.307.
Due to the fact that we see a positive bearish reaction from the underlined area, I strongly believe that sellers will manage to push the price all the way down to 108.528 level.
P.S We determine oversold/overbought condition with RSI indicator. When it drops below 30 - the market is considered to be oversold. When it bounces above 70 - the market is considered to be overbought.
Like and subscribe and comment my ideas if you enjoy them!