7647108 7/13/2017 6:13 PM, EUR/TRY intraday: the RSI is oversold


4.0782 is our pivot point.


Our preference

: the downside prevails as long as 4.0782 is resistance.


Alternative scenario

: above 4.0782, look for 4.0942 and 4.1037.


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 stands below its 20 and 50 MAs (respectively at 4.0791 and 4.0827).


Supports and resistances

:

4.1037 **

4.0942 *

4.0782 **

4.0719

4.0642 last

4.0393

4.0298 **

4.0203 *

4.0108 **