Posted on the 11 September 2019 by Merks50
EUR/CAD intraday: the RSI is oversold
Our pivot point stands at 1.4534.
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 1.4517 and 1.4523). Finally, the EUR/CAD is trading below its lower Bollinger band (standing at 1.4495).
Alternative scenario:
above 1.4534, look for 1.4585 and 1.4616.
Our preference:
the downside prevails as long as 1.4534 is resistance.

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