EURUSD 16 Oct 2023 on H4 timeframe. Experiencing a drop last week to break S1, the pair is still trying to go back up although it has not succeeded and is moving sideways between S1 and S2. Being under the kumo cloud on the ichimoku indicator, confirms the bearish situation still experienced by this pair. When referring to the RSI indicator, it can be seen that the chart on this pair is trying to rise. As well as the candlestick looks like there has been a reversal that initiated a bullish trend. If the bullishness succeeds and continues towards S1 and even breaks it, then go-long can be an option. However, if the pair is unable to continue its bullish trend and goes back down, then go-short is still an option. Keep an eye on the market and all its indications before starting a trade.
