Technical analysis 09.11.2018

EURUSD

The pair is in downtrend due to stronger position of the USD rate following the Fed meeting which indicated the regulator’s firm intent to continue raising interest rates. The pair may still recover thanks to partial profit taking, but it’s more likely to continue falling, considering that the Fed is expected to raise interest rates in December.

The price is on the lower Bollinger band, below SMA 5 and SMA 14. RSI is below the level of 50% and is moving down. Stoch are in the oversold zone.

Trading recommendations:

The pair may rebound to 1.1375 due to partial profit taking. Sell the pair from this level and after it falls below 1.1345 with a possible target of 1.1300.