Our pivot point stands at 1.2534.
Our preference: the downside prevails as long as 1.2534 is resistance.
Alternative scenario: above 1.2534, look for 1.2566 and 1.2585.
Comment: the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (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 1.2565 and 1.2583).
Supports and resistances:
1.2585 **
1.2566 *
1.2534 **
1.2521
1.2508 last
1.2462
1.2443 **
1.2424 *
1.2405 **
Head of Research at TRADING CENTRAL: Rémy GAUSSENS
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Written on 12-19-2024 at 21:23 UTC+1
Price reference: 1.2508 last known on 12-19-2024 at 21:23 UTC+1
Investment horizon: INTRADAY
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