Technical analysis 05.06.19

EURUSD

The pair is consolidating near the level of 1.1260 in anticipation of important economic data in the US. If it’s lower than predicted, the pair may continue growing, as the Fed will be believed to start reducing interest rates this year.

The price is above the middle Bollinger band, above SMA 5 and SMA 14. RSI is in the overbought territory. Stoch are growing.

Trading recommendations:

The pair may correct downwards to 1.1240 before the US economic data is released, but since it’s likely to be weak, the pair will probably surge to 1.325.