EURUSD Technical Analysis 23.05.2017

EURUSD

The pair is trading higher than the 1.1225 level amid the speculative buying of euro. From a technical standpoint, it is strongly overbought and has all chances to turn downwards and fall considerably due to the positive data on the employment in the US, publication of the minutes of the last Fed. meeting, which may signal a further rise in the interest rates and, finally, at the moment of making the decision on the interest rates, as there are no fundamental reasons for the pair to continue rising.

The price is higher than the middle Bollinger band, higher than SМА 5 and SMA 14. RSI is moving horizontally inside the overbought zone. Stoch reside under the overbought zone and are non-informative.

Trading recommendations:
Sell the pair if it falls lower than 1.1225 with a probable target of 1.1120, and then 1.1165.