EUR/USD intraday: the RSI is oversold
Our pivot point is at 1.0616.
Our preference: the downside prevails as long as 1.0616 is resistance.
Alternative scenario: the upside breakout of 1.0616, would call for 1.0648 and 1.0666.
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 1.0617 and 1.0651).
Supports and resistances:
CM Trade Mobile Application