Our pivot point is at 1.3048.
Our preference: the downside prevails as long as 1.3048 is resistance.
Alternative scenario: the upside breakout of 1.3048, would call for 1.3075 and 1.3091.
Comment: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.3072 and 1.3077).
Supports and resistances:
1.3091 **
1.3075 *
1.3048 **
1.3037
1.3020 last
1.2981
1.2965 **
1.2949 *
1.2933 **
Head of Research at TRADING CENTRAL: Rémy GAUSSENS
TRADING CENTRAL is governed by the Code of Conduct of ANACOFI-CIF, an association approved by the Autorité des Marchés Financiers and registered with ORIAS under number 17005458.
Written on 09-11-2024 at 17:19 UTC+1
Price reference: 1.3020 last known on 09-11-2024 at 17:19 UTC+1
Investment horizon: INTRADAY
TRADING CENTRAL recommends reading the legal and regulatory information as well as the warnings concerning the information provided accessible from the following link : https://global.tradingcentral.com/www/pdf/terms_of_use_web_sites_en.pdf