Our pivot point is at 1.2930.
Our preference: the downside prevails as long as 1.2930 is resistance.
Alternative scenario: above 1.2930, look for 1.2968 and 1.2991.
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 is trading under both its 20 and 50 period moving average (respectively at 1.2942 and 1.2961).
Supports and resistances:
1.2991 **
1.2968 *
1.2930 **
1.2915
1.2897 last
1.2838
1.2815 **
1.2792 *
1.2769 **
Head of Research at TRADING CENTRAL: Rémy GAUSSENS
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Written on 11-08-2024 at 19:10 UTC+1
Price reference: 1.2897 last known on 11-08-2024 at 19:10 UTC+1
Investment horizon: INTRADAY
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