Our pivot point stands at 73.64.
Our preference:
the downside prevails as long as 73.64 is resistance.
Alternative scenario:
the upside breakout of 73.64, would call for 73.93 and 74.11.
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 stands below its 20 and 50 MAs (respectively at 73.62 and 73.76).
Our preference:
the downside prevails as long as 73.64 is resistance.
Alternative scenario:
the upside breakout of 73.64, would call for 73.93 and 74.11.
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 stands below its 20 and 50 MAs (respectively at 73.62 and 73.76).
