EUR/SEK intraday: the RSI is oversold
26-May-11
05:05
Our pivot point stands at 8.918.
Our preference: the downside prevails as long as 8.918 is resistance.
Alternative scenario: the upside breakout of 8.918, would call for 8.928 and 8.933.
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 (standing respectively at 8.9287 and 8.9302). Finally, the EUR/SEK has penetrated its lower Bollinger band (8.904).
Supports and resistances:
8.928 *
8.918 **
8.914
8.90085 last
8.888
8.882 **
8.877 *
Ticker: EURSEK
