EURUSD technical analysis 02.09.2020

EURUSD

The pair remains within the "rising flag" pattern. Today it may rise in the short term on the ADP data release, or continue to decline. In the future, however, it is likely to resume growth amid the fundamental weakness of the US dollar.

Technical side:

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is at a level of 50%. Stoch are in the oversold zone and are uninformative.

Trading recommendations:

If the pair doesn’t stay above 1.1900 from a technical point of view, it will continue to decline to 1.1795. At the same time, if it holds above this level, it will proceed further up to 1.1990.