Technical analysis 04.09.2019

EURUSD

The pair has corrected as the USD is weakening locally due to clear signs of the US economy entering a recession. The pair may resume the decline if today’s eurozone retail volume data shows a continuation of the negative trend.

The price is below the lower Bollinger band r, above SMA 5 and SMA 14. RSI is located below the level of 50% and growing smoothly. Stoch reverse down in the overbought zone.

Trade recommendations:

If the pair does not rise above 1.0980, sell it with a local target of 1.0900 against the backdrop of the negative data from the eurozone.