Our pivot point is at 0.8444.
Our preference: the downside prevails as long as 0.8444 is resistance.
Alternative scenario: the upside breakout of 0.8444, would call for 0.8477 and 0.8497.
Comment: the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 0.8442 and 0.8449).
Supports and resistances:
0.8497 **
0.8477 *
0.8444 **
0.8431
0.8414 last
0.8373
0.8353 **
0.8333 *
0.8314 **
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 03-06-2023 at 11:39 UTC+1
Price reference: 0.8414 last known on 03-06-2023 at 11:39 UTC+1
Investment horizon: INTRADAY