101.43 is our pivot point.
Our preference: the downside prevails as long as 101.43 is resistance.
Alternative scenario: the upside breakout of 101.43, would call for 101.73 and 101.92.
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 negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 101.49 and 101.68).
Supports and resistances:
101.92 **
101.73 *
101.43 **
101.31
101.18 last
100.82
100.64 **
100.45 *
100.27 **
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 04-12-2023 at 19:48 UTC+1
Price reference: 101.1800 last known on 04-12-2023 at 19:48 UTC+1
Investment horizon: INTRADAY