EUR/USD intraday: the upside prevails as long as 1.0908 is support

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u
1675392761203
EURUSD+0%
2024-11-05 21:24Source:TC

1.0908 is our pivot point.

Our preference: the upside prevails as long as 1.0908 is support.

Alternative scenario: below 1.0908, expect 1.0885 and 1.0871.

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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.0912 and 1.0893).

Supports and resistances:

1.1000 **

1.0986 *

1.0972 **

1.0959

1.0930 last

1.0917

1.0908 **

1.0885 *

1.0871 **

Head of Research at TRADING CENTRAL: Rémy GAUSSENS

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Written on 11-05-2024 at 21:24 UTC+1

Price reference: 1.0930 last known on 11-05-2024 at 21:24 UTC+1

Investment horizon: INTRADAY

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