03.12.2019
The pair is under pressure amid the falling demand for risk assets due to the escalating tensions between China and the US caused by the situation in Hong Kong, and the US uses this as leverage in trade talks.
The price is below the middle Bollinger band, above SMA 5, but below SMA 14. RSI is located below the level of 50% and is turning down. Stoch are moving upwards from oversold zone.
Trading recommendations:
The pair is balancing given the market feels about the US-China situation. If the conflict continues to escalate, expect the pair to resume dropping to 109.00 and then further down to 108.30. In the opposite scenario, a decrease in tension will support the pair and it will be able to continue recovering to 109.70.
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