EURUSD Technical Analysis 09.03.2017

EURUSD

The pair is consolidating lower than 1.0550 level after a fall it took prior to the strong ADP Nonfarm employment data release. Today investors' attention will be drawn by the results of the ECB meeting on the monetary policy. We don't expect the ECB to change its monetary policy, so the meeting outcome may put the Euro under pressure.

The price is lower than the middle Bollinger band, higher than SMA5, but lower than SMA14. RSI resides lower than 50% level and trying to go upwards. Stoch are leaving the oversold zone. 

Trading recommendations: The pair may correct up to 1.0550, but if the ECB signals possible decrease in stimulus measures in the future, the price will keep falling. The pair may even fall to 1.0500.