22.11.2019
The pair is trading in the range of 1.1055-1.1085 in anticipation of the ECB president Christine Lagarde's speech at the economic forum in Frankfurt today.If she confirms the need for a softer monetary policy adopted earlier under Mario Draghi, this may lead to the resumption of the pair drop. Today’s positive US economic statistics may also become an additional negative factor.
The price is below the middle Bollinger bands, above SMA 5, but below SMA 14. The moving averages give a sell signal. RSI is located just above the level of 50% and is growing. Stoch demonstrate the probability of a price reversal up.
Trading recommendations:
The breakout of the level 1.1055 will result in a probable drop of the pair to 1.0000.
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