7647105 7/13/2017 6:13 PM, EUR/SGD intraday: the RSI is oversold


Our pivot point stands at 1.573.


Our preference

: the downside prevails as long as 1.573 is resistance.


Alternative scenario

: the upside breakout of 1.573, would call for 1.577 and 1.579.


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 negative and below its signal line. The configuration is negative. Moreover, the pair is trading under both its 20 and 50 MAs (respectively at 1.573 and 1.574).


Supports and resistances

:

1.579 **

1.577 *

1.573 **

1.571

1.569 last

1.562

1.560 **

1.557 *

1.555 **