7645464 7/13/2017 12:20 PM, EUR/INR intraday: the RSI is oversold


Our pivot point stands at 73.925.


Our preference

: under pressure below 73.925.


Alternative scenario

: the upside breakout of 73.925, would call for 74.197 and 74.359.


Comment

: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under both its 20 and 50 MAs (respectively at 73.921 and 73.688).


Supports and resistances

:

74.359 **

74.197 *

73.925 **

73.818

73.684 last

73.341

73.179 **

73.018 *

72.856 **