EUR/USD Intraday: the RSI is oversold
Dec 31, 2024 4:33 PM
the downside prevails as long as 1.0383 is resistance.
Our pivot point stands at 1.0383.
Our preference:
the downside prevails as long as 1.0383 is resistance.
Alternative scenario:
above 1.0383, look for 1.0412 and 1.0428.
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 1.0397 and 1.0400). Finally, the EUR/USD has penetrated its lower Bollinger band (1.0357).
Supports and resistances:
1.0428 **
1.0412 *
1.0383 **
1.0372
1.0352 last
1.0313
1.0296 **
1.0279 *
1.0263 **
Our preference:
the downside prevails as long as 1.0383 is resistance.
Alternative scenario:
above 1.0383, look for 1.0412 and 1.0428.
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 1.0397 and 1.0400). Finally, the EUR/USD has penetrated its lower Bollinger band (1.0357).
Supports and resistances:
1.0428 **
1.0412 *
1.0383 **
1.0372
1.0352 last
1.0313
1.0296 **
1.0279 *
1.0263 **
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EUR/USD
1.177
0.004
+0.32%
