Our pivot point is at 1.9570.
Our preference: the upside prevails as long as 1.9570 is support.
Alternative scenario: the downside breakout of 1.9570 would call for 1.9497 and 1.9453.
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 positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.9580 and 1.9502).
Supports and resistances:
1.9851 **
1.9807 *
1.9764 **
1.9720
1.9632 last
1.9599
1.9570 **
1.9497 *
1.9453 **
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 03-20-2023 at 18:41 UTC+1
Price reference: 1.9632 last known on 03-20-2023 at 18:41 UTC+1
Investment horizon: INTRADAY