Technical Analysis 07.03.2019

EURUSD

The pair is consolidating above 1.1290 in anticipation of the results of the ECB monetary policy meeting. If the bank’s resolution doesn’t indicate any new concerns over the condition of the EU economy, a local growth will be expected, while if there are negative overtones, the pair may resume the local decline.

The price is below the middle Bollinger band, on the level of SMA 5, but below SMA 14. RSI is below the level of 50% and is moving horizontally. Stoch are reversing downwards.

Trading recommendations:

If the pair goes below 1.1290, it may continue falling to 1.1250. At the same time, the lack of negative sentiment and the overall growth in demand for risk assets may push the price up to 1.1340.