EURUSD Technical Analysis 03.06.2016

EURUSD

The pair is consolidating after it fell Thursday, triggered by the ECB decision on monetary policy and Draghi speech where he made it clear that the Eurozone interest rate will stay on the lowest level for a considerable amount of time. The picture will change once the US employment data is released.

The price is lower than the middle Bollinger band, lower than SMA5 and SMA14. RSI resides under the overbought level and turning down. Stoch are already in the oversold zone.

Trading recommendations: Sell the pair if the US data is positive with a local target of 1.1050-55. At the same time, if the data is weaker than expected, the pair may rise up to 1.1225.