Time Frame: 1D Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish
The market is testing a major horizontal structure 104.198.
Taking into consideration the structure & trend analysis, I believe that the market will reach 104.970 level soon.
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.
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Great beginning for a trade, let’s hope it goes further!