Technical analysis 27.07.18

EURUSD

The pair is trading above 1.1640 as the US GDP data for the second quarter is expected to be very strong. It may indicate the growth of 4.1% against 2.0%. If the figures don’t turn out worse than predicted, the pair may return to the downtrend.

The price is below the middle Bollinger band, above SMA 5, but below SMA 14. RSI is below the level of 50% and is growing. Stoch are in the oversold zone and are trying to reverse upwards.

Trading recommendations:

The pair may resume falling down to 1.1600 and even further down to 1.1575 after passing 1.1640 despite being locally oversold.