EUR/USD intraday: the downside prevails as long as 1.0731 is resistance

Limited Decrease
l
1675392761203
EURUSD+0%
2024-11-08 19:09Source:TC

1.0731 is our pivot point.

Our preference: the downside prevails as long as 1.0731 is resistance.

Alternative scenario: above 1.0731, look for 1.0754 and 1.0767.

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 below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.0758 and 1.0777).

Supports and resistances:

1.0767 **

1.0754 *

1.0731 **

1.0722

1.0709 last

1.0667

1.0654 **

1.0640 *

1.0627 **

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 11-08-2024 at 19:09 UTC+1

Price reference: 1.0709 last known on 11-08-2024 at 19:09 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

Reference points and analysis views from trading strategies are provided by external providers, and strategy views are only the analyst's personal evaluation and assessment, not considering the investor's investment goals and financial conditions. All strategy views are not investment advice or recommendations, only for reference. Our company also does not guarantee the accuracy of strategy views and is not responsible for any negative results that may arise from trading strategies.

More