Technical analysis 01.08.18

EURUSD

The pair is within the range of 1.1575–1.1745 as the Fed’s monetary policy meeting results are expected to be released. If the outcome is favorable for the USD, while ADP employment data and PMI data are strong, the USD rate may receive extra support.

The price is below the middle Bollinger line, below SMA 5 and SMA 14. RSI is below the level of 50% and is slowly moving down. Stoch are in the oversold zone and indicate slower decline.

Trading recommendations:

If the price goes below 1.1675, it may continue further down to 1.1620 and then possibly to 1.1575.