71.51 is our pivot point.
Our preference:
the downside prevails as long as 71.51 is resistance.
Alternative scenario:
the upside breakout of 71.51, would call for 71.80 and 71.98.
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 below its signal line and negative. The configuration is negative. Moreover, the pair is trading under both its 20 and 50 MAs (respectively at 71.88 and 72.14).
Our preference:
the downside prevails as long as 71.51 is resistance.
Alternative scenario:
the upside breakout of 71.51, would call for 71.80 and 71.98.
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 below its signal line and negative. The configuration is negative. Moreover, the pair is trading under both its 20 and 50 MAs (respectively at 71.88 and 72.14).