Magazine

Eur/cad

Posted on the 08 October 2019 by Merks50

EUR/CAD intraday: the RSI is overbought
Our pivot point is at 1.4577.
Comment:
the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 1.4601 and 1.4607). Finally, the EUR/CAD has crossed above its upper Bollinger band (1.4625).
Alternative scenario:
below 1.4577, expect 1.4525 and 1.4495.
Our preference:
the upside prevails as long as 1.4577 is support.