Our pivot point is at 1.1997.
Our preference: the upside prevails as long as 1.1997 is support.
Alternative scenario: below 1.1997, expect 1.1946 and 1.1916.
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 1.2005 and 1.1982).
Supports and resistances:
1.2194 **
1.2164 *
1.2134 **
1.2104
1.2042 last
1.2017
1.1997 **
1.1946 *
1.1916 **
Head of Research at TRADING CENTRAL: Rémy GAUSSENS
TRADING CENTRAL is governed by the Code of Conduct of ANACOFI-CIF, an association approved by the Autorité des Marchés Financiers and registered with ORIAS under number 17005458.
Written on 03-03-2023 at 22:01 UTC+1
Price reference: 1.2042 last known on 03-03-2023 at 22:01 UTC+1
Investment horizon: INTRADAY