EUR/USD Intraday: the upside prevails as long as 1.1147 is support
Aug 21, 2024 6:41 PM
the upside prevails as long as 1.1147 is support.
Our pivot point is at 1.1147.
Our preference: the upside prevails as long as 1.1147 is support.
Alternative scenario: the downside breakout of 1.1147 would call for 1.1124 and 1.1111.
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 1.1133 and 1.1127).
Supports and resistances:
1.1241 **
1.1227 *
1.1214 **
1.1200
1.1165 last
1.1156
1.1147 **
1.1124 *
1.1111 **
Our preference: the upside prevails as long as 1.1147 is support.
Alternative scenario: the downside breakout of 1.1147 would call for 1.1124 and 1.1111.
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 1.1133 and 1.1127).
Supports and resistances:
1.1241 **
1.1227 *
1.1214 **
1.1200
1.1165 last
1.1156
1.1147 **
1.1124 *
1.1111 **
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