EUR/USD Intraday: the RSI is oversold

Nov 20, 2024 3:31 PM

the downside prevails as long as 1.0554 is resistance.

1.0554 is our pivot point.
Our preference:
the downside prevails as long as 1.0554 is resistance.
Alternative scenario:
the upside breakout of 1.0554, would call for 1.0580 and 1.0596.
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 1.0560 and 1.0579).
Supports and resistances:
1.0596 **
1.0580 *
1.0554 **
1.0544
1.0526 last
1.0491
1.0475 **
1.0460 *
1.0444 **

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