Forex: technical overview 09.04.18

EURUSD

The pair is trading within a very narrow range of 1.2260–1.2295. The pair, just as the financial markets as a whole, is under pressure due to the trade war between the US and China. Another negative factor is the decreased trade balance of Germany, which indicates that the country’s economy is losing its growth momentum.

The price is above the middle line of the borders of Bollinger bands, above EMA 5 and EMA 13. RSI is on the level of 50%. Stochastic oscillators are reversing downwards.

Trading recommendations:

If the price passes the level of 1.2295, there’s a chance of a local growth up to 1.2335. At the same time, if it goes below 1.2260, it may go further down to 1.2215.