Time Frame: 8h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish
The market is testing a major horizontal structure 1.464.
Taking into consideration the structure & trend analysis, I believe that the market will reach 1.469 level soon.
P.S The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce. Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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Trade closed: target reached
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That was an excellent trade and the target was reached too!