Technical analysis 13.08.18

EURUSD

The pair is trying to recover as the short positions are being closed against the backdrop of profit taking. It’s likely to recover to 1.1450, which would be a good reason to get back to selling it amid the increasing risks for the world economy due to the US-China trade war.

The price is below the lower Bollinger band, above SMA 5, but below SMA 14. RSI is in the oversold zone and is trying to leave it. Stoch aren’t informative.

Trading recommendations:

If the price holds above 1.1390, there’s a chance of a local growth to the level of 1.1450, from which we recommend selling the pair with a possible target of 1.1300. Also, you may sell it after it’s below 1.1365 with a target of 1.1300.