Our pivot point is at 1.7499.
Our preference: the upside prevails as long as 1.7499 is support.
Alternative scenario: the downside breakout of 1.7499 would call for 1.7437 and 1.7400.
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 trading above both its 20 and 50 period moving average (respectively at 1.7499 and 1.7482).
Supports and resistances:
1.7743 **
1.7706 *
1.7669 **
1.7632
1.7557 last
1.7524
1.7499 **
1.7437 *
1.7400 **
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 04-11-2023 at 12:11 UTC+1
Price reference: 1.7557 last known on 04-11-2023 at 12:11 UTC+1
Investment horizon: INTRADAY