Our pivot point is at 1.1049.
Our preference: the upside prevails as long as 1.1049 is support.
Alternative scenario: the downside breakout of 1.1049 would call for 1.1028 and 1.1015.
Comment: the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.1040 and 1.1024).
Supports and resistances:
1.1134 **
1.1122 *
1.1109 **
1.1097
1.1071 last
1.1057
1.1049 **
1.1028 *
1.1015 **
Head of Research at TRADING CENTRAL: Rémy GAUSSENS
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Written on 09-12-2024 at 21:47 UTC+1
Price reference: 1.1071 last known on 09-12-2024 at 21:47 UTC+1
Investment horizon: INTRADAY
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