EURUSD Technical Analysis 07.03.2017

EURUSD

The pair is traded in a narrow range, staying under pressure amid the expected US interes rate increase. Upside and downside moves are possible prior to the ECB meeting this Thursday. We are not expecting the meeting results to support euro hence, the pair will remain under pressure.

The price is higher than the middle Bollinger band, higher than SMA5 and SMA14. RSI resides above 50% level and moving horizontally. Stoch are leaving the oversold zone.

Trading recommendations:
If the price falls lower than 1.0575, it will result in further fall to 1.0500. At the same time, breaching of 1.0595 level may lead to a local rise up to 1.0630.