EURUSD Technical analysis 16.10.17

EURUSD

The pair has dropped below 1.1800 mark as the ECB is expected to drastically change its attitude towards economic stimulus measures. The decline of euro was caused by Mario Draghi's speech last Friday, when he indicated that the eurozone's economy was in need of stimulation.

The price is below the lower Bollinger band, below SMA 5 and SMA 14. RSI is declining and is below 50% level. Stoch are entering the oversold zone.

Trading recommendations:

If the pair falls below 1.1800 mark, it's likely to go further down to 1.1685.

Author: Semyon Kamensky