Technical analysis 17.09.18

EURUSD

The price is poised between two levels of support and resistance, 1.1615 and 1.1645 respectively as the eurozone consumer inflation data is expected to be released. If the data is negative or doesn’t indicate growth, the pair may continue falling. At the same time, if the data shows growth, the pair would be likely to return to uptrend.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below the level of 50%. Stoch are in the oversold zone and aren’t informative.

Trading recommendations:

If the price passes the level of 1.1615, it may go further down to 1.1530. At the same time, if it moves up above 1.1645, it may go further up to 1.1720.