in ANALISA by hafid zaini

7640810 7/12/2017 5:09 PM, EUR/TRY intraday: the RSI is oversold


Our pivot point is at 4.1485.


Our preference

: the downside prevails as long as 4.1485 is resistance.


Alternative scenario

: the upside breakout of 4.1485, would call for 4.1658 and 4.1761.


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 pair is trading under both its 20 and 50 MAs (respectively at 4.1430 and 4.1443). Finally, the EUR/TRY has penetrated its lower Bollinger band (4.1314).


Supports and resistances

:

4.1761 **

4.1658 *

4.1485 **

4.1416

4.1295 last

4.1068

4.0965 **

4.0862 *

4.0759 **