EUR/CNH – Currency exchange rate forecast 23.08.2019: below its lower Bollinger band

EUR/CNH - Currency exchange rate forecast 23.08.2019: below its lower Bollinger band

Alternative scenario: above 7.86, look for 7.87 and 7.89.

Our pivot point stands at 7.86.

Our preference: the downside prevails as long as 7.86 is resistance.

Alternative scenario: above 7.86, look for 7.87 and 7.89.

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 (respectively at 7.85 and 7.86). Finally, the EUR/CNH is trading below its lower Bollinger band (standing at 7.84).

Supports and resistances:

7.89 **

7.87 *

7.86 **

7.85

7.84 last

7.81

7.80 **

7.79 *

7.78 **

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