EURUSD Technical Analysis 06.12.2016

EURUSD

The pair started correcting downwards, after reaching a local maximum on Monday. It is possible that the correction will intensify prior the ECB meeting, where the bank can announce expansion of the stimulus measures.

The price is higher than the middle Bollinger band, lower than SMA5, but still higher than SMA14. RSI resides higher than 50% level and trying to turn downwards. Stoch are leaving the overbought zone.

Trading recommendations: Sell the pair amid the increasing correction down, considering a probable fall first to 1.0685, and then to 1.0650.