in ANALISA by hafid zaini

7640762 7/12/2017 5:03 PM, EUR/CNH ST: the RSI is overbought


Our pivot point stands at 7.67.


Our preference

: the upside prevails as long as 7.67 is support.


Alternative scenario

: the downside breakout of 7.67 would call for 7.55 and 7.47.


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 pair is trading above both its 20 and 50 MAs (respectively at 7.70 and 7.65).


Supports and resistances

:

8.18 **

8.10 *

8.03 **

7.95

7.78 last

7.72

7.67 **

7.55 *

7.47 **