Technical analysis 06.08.18

EURUSD

The pair is trading in downtrend against the backdrop of the stronger USD position due to the results of the Fed meeting and last week’s employment data. However, the pair may slightly recover today if the eurozone data is favorable.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is in the oversold zone, Stoch are also in the oversold territory and are reversing upwards.

Trading recommendations:

If the pair holds above 1.1550, and the eurozone statistics is favorable, there’s a chance of the pair’s recovery to 1.1600. At the same time, if the data turns out to be weaker, the pair may go down to 1.1500.