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EUR/USD intraday: the RSI is overbought
2024-03-20
576
Our pivot point is at 1.0904.
Our preference: the upside prevails as long as 1.0904 is support.
Alternative scenario: the downside breakout of 1.0904 would call for 1.0891 and 1.0884.
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 1.0861 and 1.0862). Finally, the EUR/USD is trading above its upper Bollinger band (standing at 1.0913).
Supports and resistances:
1.0961 **
1.0953 *
1.0946 **
1.0938
1.0918 last
1.0909
1.0904 **
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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