Technical analysis 01.07.19

EURUSD

The pair has breached the support level of 1.1340 against the backdrop of the strengthening USD rate, as well as the less expected active interest rates reduction by the Fed and the continuing decline of German and eurozone economy’s growth. Also, the USD receives significant support from the growing profitability of Treasurys.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. Moving Averages suggest selling. RSI is below the level of 50% and is moving down. Stoch are falling and entering the oversold territory.

Trading recommendations:

Sell the pair as it’s likely to go down to 1.1270.