EUR/USD intraday: the RSI is overbought

Limited Increase
u
1675392761203
EURUSD+0%
2024-11-05 19:14Source:TC

Our pivot point is at 1.0910.

Our preference: the upside prevails as long as 1.0910 is support.

Alternative scenario: below 1.0910, expect 1.0887 and 1.0874.

Comment: the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.0904 and 1.0889). Finally, the EUR/USD has crossed above its upper Bollinger band (1.0931).

Supports and resistances:

1.1002 **

1.0988 *

1.0975 **

1.0961

1.0933 last

1.0920

1.0910 **

1.0887 *

1.0874 **

Head of Research at TRADING CENTRAL: Rémy GAUSSENS

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Written on 11-05-2024 at 19:14 UTC+1

Price reference: 1.0933 last known on 11-05-2024 at 19:14 UTC+1

Investment horizon: INTRADAY

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