12.12.2019
The pair will either continue to grow or turn downwards today based on the ECB meeting results. An abandonment of the ultra soft monetary policy announced by Mario Draghi will trigger growth. At the same time, if this policy is maintained, the pair may reverse and resume the decline.
The price is at the upper Bollinger band, above SMA 5 and SMA 14. RSI is in the overbought zone and indicates a weaker growth. Stoch are still rising, entering the overbought zone.
Trading recommendations:
Buy the pair after it breaches 1.1145 following the positive news from the ECB meeting, then heads to 1.1180 and then further up to 1.1230. In the opposite scenario, if the bank decides to keep the economic stimulus measures in full volume, sell the pair with a local target of 1.1050
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