EURUSD Technical analysis 23.08.17

EURUSD

The pair stands still as Mario Draghi is expected to deliver a speech at 7 PM (GMT). If the speech indicates the cease of the eurozone's economy stimulation, the price is expected to rise. At the same time, if the decision is postponed, the pair is likely to drop.

The price is below the middle Bollinger band, at the level of SMA 5, but below SMA 14. RSI is below 50% level and moves horizontally. Stoch are leaving the oversold zone.

Trading recommendations:

The Draghi's speech turns out to be favorable for the Euro, the pair is expected to rise up to 1.1825 with a possibility of further growth up to 1.900, but if this is not the case the pair will come under pressure and the price will drop down to 1.1685 and then possibly to 1.1600.