Time Frame: 4h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish
The market is approaching a significant support area 161.571.
The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 162.497 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.
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I am confident in this trade so I will keep it open!