EURUSD Technical Analysis 22.05.2017

EURUSD

The pair is trading higher than 1.1170. It is supported by a local weakness of the US dollar, which is formed amid the political scandals around D. Trump. But we must admit that from the technical standpoint, the pair is strongly overbought and if the markets become calmer and/or positive economic data is released, it will push the pair downwards.  

The price is higher than the middle Bollinger band, lower than SMA5, but higher than SMA14. RSI is moving horizontally under the overbought level. Stoch has left the overbought zone and falling.

Trading recommendations: 
Sell the pair if it falls lower than 1.1170 with a probable target of 1.1120, which equals 23% Fibonacci retracement.