7647109 7/13/2017 6:13 PM, EUR/ZAR intraday: the RSI is oversold


Our pivot point stands at 15.10.


Our preference

: the downside prevails as long as 15.10 is resistance.


Alternative scenario

: the upside breakout of 15.10, would call for 15.20 and 15.26.


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 below its signal line and negative. The configuration is negative. Moreover, the pair is trading under both its 20 and 50 MAs (respectively at 15.10 and 15.14).


Supports and resistances

:

15.26 **

15.20 *

15.10 **

15.06

15.01 last

14.86

14.80 **

14.74 *

14.68 **