Forex: technical overview 06.03.18

EURUSD

The single currency receives support due to Donald Trumps’s effort to increase customs duties on the import of metals in the US. This problem will also be discussed on NAFTA negotiations. However, this process is likely to be drawn out, while the investors will turn their attention to ADP Employment Report already today.

The price is above the middle line of the borders of Bollinger bands, on the level of EMA 5, but above EMA 13. RSI is reversing downwards. Stochastic oscillators are in the overbought zone.

Trading recommendations:

Positive news from the US may push the pair down to 1.2250–55.