FOREX: Technical analysis 09/03/12

Pair suspended its growth, which she has had from expectations on stabilizing of the situation in Europe under the influence of possible decisive action from the ECB aimed at buying distressed debt securities of European countries. This suspension occurred in anticipation of the ECB itself. It can be assumed that, if such redemption will, it will undoubtedly have a negative impact on a pair and it will start to decline.

 

From a technical point of view, a pair of highly overbought and has the potential for a correction. The pair is outside the outer boundary of the Bollinger Bands and above MA 5 and MA 21.

Oscillator Stoch. is in the overbought zone. The RSI is in the overbought zone already.