EUR/USD Intraday: the RSI is overbought
Aug 2, 2024 2:49 PM
the upside prevails as long as 1.0892 is support.

Our pivot point stands at 1.0892.
Our preference: the upside prevails as long as 1.0892 is support.
Alternative scenario: below 1.0892, expect 1.0871 and 1.0858.
Comment: the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.0836 and 1.0809).
Supports and resistances:
1.0982 **
1.0969 *
1.0956 **
1.0944
1.0915 last
1.0901
1.0892 **
1.0871 *
1.0858 **
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