Time Frame: 9h Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish
The market is approaching a significant resistance area 1.774.
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 1.767 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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