Technical analysis 10.06.19

EURUSD

The pair is correcting downwards after Friday’s strong growth due to extremely weak new jobs data in the US, as well as the weekend in Germany. In all likelihood, the correctional decline will continue until the US job openings data is published today.

The price is above the middle Bollinger band, below SMA 5, but still above SMA 14. RSI is above the level o f 50% and is moving down. Stoch have reversed downwards.

Trading recommendations:

Sell the pair after it takes hold below 1.1300 with a possible local target of 1.1265, which would correspond to a 23% decline according to Fibonacci retracement.