EUR/CZK intraday: the RSI is overbought
26-May-11
05:21
Our pivot point stands at 24.61.
Our preference: the upside prevails as long as 24.61 is support.
Alternative scenario: the downside breakout of 24.61 would call for 24.59 and 24.58.
Comment: the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the pair is trading above both its 20 and 50 MAs (standing respectively at 24.5911 and 24.5495).
Supports and resistances:
24.71 *
24.7 **
24.69
24.6376 last
24.61
24.61 **
24.59 *
Ticker: EURCZK
