Our pivot point is at 1.6446.
Our preference:
the upside prevails as long as 1.6446 is support.
Alternative scenario:
the downside breakout of 1.6446 would call for 1.6398 and 1.6369.
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 above its signal line and positive. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 1.6461 and 1.6436).
Our preference:
the upside prevails as long as 1.6446 is support.
Alternative scenario:
the downside breakout of 1.6446 would call for 1.6398 and 1.6369.
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 above its signal line and positive. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 1.6461 and 1.6436).