EUR/NOK intraday: the RSI is oversold
26-May-11
05:06
Our pivot point stands at 7.824.
Our preference: the downside prevails as long as 7.824 is resistance.
Alternative scenario: above 7.824, look for 7.833 and 7.84.
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 is trading under both its 20 and 50 MAs (standing respectively at 7.8348 and 7.8447).
Supports and resistances:
7.833 *
7.824 **
7.821
7.81465 last
7.803
7.798 **
7.791 *
Ticker: EURNOK
