Time Frame: 4h Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish
The market is approaching a key horizontal level 0.879.
Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 0.875 level.
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. Oversold 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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